This is the final post in a series of articles discussing the importance of legal counsel in commercial real estate transactions in Olympia or Tacoma, Washington. The goal of this series has been to explain the role an attorney will play throughout the process of leasing, buying or selling commercial property. These types of transactions, whether large or small, can become complex and may involve a multitude of legal pitfalls. For that reason, it has also been a goal of this series, to emphasize how an experienced real estate attorney might help you navigate the process and avoid unforeseen potential liabilities. If you need assistance with a real property transaction, contact my office today.
This series focused on the following topics:
- The role of counsel in the due diligence process
- An attorney’s review of environmental issues
- Negotiating complex purchase, sale, or lease documents
- Dealing with third parties in a real estate transaction
- Facilitating the closing of a property sale
For those involved in commercial real estate transactions, these subjects are important and often perilous. It is essential to understand as much about a property as possible prior to entering into any type of binding agreement. This is accomplished through the due diligence process. An attorney reviewing the materials may highlight areas of concern of which the parties may not have been aware. Second, purchasers or lessees can find themselves responsible for many environmental liabilities, even those caused by previous owners or tenants, and may find other environmental conditions to be serious impediments to their plans. For this reason, retaining knowledgeable counsel to review environmental studies may be invaluable. Third, a real estate lawyer can effectively draft and negotiate the various contracts necessary to complete the transaction. Fourth, third parties such as title companies or banks may have an interest in the transaction. Working with an attorney with real estate experience can help ensure the sale or lease complies with their requirements. Finally, an attorney can help decipher and organize the potentially vast number of documents involved in a real estate closing and obtain all necessary consents and approvals in the proper forms.
My Olympia firm has experience in complex commercial real estate transactions. If you need assistance, contact me today to speak with an attorney. The firm also services the Thurston County cities of Lacey, Tumwater, and Yelm, the Pierce County cities of Tacoma, Puyallup, and Lakewood, the Lewis County cities of Centralia, and Chehalis, the King County cities of Seattle, Auburn, Bellevue, Burien, and Federal Way, as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.