Questions to Ask Your Commercial Real Estate lawyer in Barrie
Deciding on whether to hire a commercial real estate lawyer or not is never an easy task. Many people may be tempted not to hire a lawyer due to cost fears—but having a lawyer when one is planning to purchase or sell a property usually goes a long way. That is particularly essential whenever something goes wrong after or during the transaction.
When it comes to hiring commercial real estate lawyers, one of the biggest challenges people face is how to hire professionals. The biggest question here probably is what to consider before settling on anyone and the assurance that the selected lawyer will help. Fortunately, there are many ways a buyer or seller can use to ensure they hire an indispensable lawyer. One of them is asking the right questions.
These questions are not for ceremonial purposes, but they exceptionally significant when determining how bad or good your experience with a commercial real estate lawyer Barrie, will be. The list of questions you can ask is endless, but here are just a few of the most important ones never to forget.
How Long Have You Been Practicing?
One of the essential attributes to consider when hiring a commercial real estate attorney is experience. Checking on this will help you determine how long the lawyer has been practicing. But you may want to keep in mind that you will likely to pay more for an attorney who has been practicing for 15-20 years than you will for one who has been in the field for two to three years. Regardless, you may want to ask and confirm if the number of years the attorney has been practicing. Importantly, ensure the majority of years the lawyer has been in practice apply to your state. Different states have various laws about commercial real estate; it will be vital to weigh this.
Have You Handled a Similar Case to Mine?
Every commercial real estate deal will most likely follow unique trends. Bearing in mind the vast difference your case will have, it makes perfect sense to hire an attorney who has been handling similar cases to yours. Selecting a lawyer familiar and experienced with the type of transaction you are set to handle will work in your favor. Such lawyers already know the potential problems your situation may bring and how to solve them. While it can be challenging to go into deeper details about this, it will be an excellent idea to ask the lawyer how they will handle your unique situation. This is a perfect way to have an overview of how your attorney will assist, rather than being given a vague assurance of success.
How Will You Bill Me?
Knowing up front how much your attorney will charge will keep you at ease and eliminate any headaches. Like it is a general expectation, commercial real estate lawyers Barrie charge differently. So, depending on the type of case you bring forward, you may be billed either on an hourly basis or a flat fee. Price is a crucial consideration when it comes to choosing a commercial real estate attorney. But it would help if you didn’t give it a priority because it may collide with your need for the best. More often than not, many people may choose to hire an attorney with reduced prices, but this never works for their ultimate good in the end. As in life, when it comes to legal services, you get what you pay for, so you should never weigh costs against quality. All you have to do is ask for an estimate and not be afraid to negotiate even when the price is higher than you expected.
Will Anyone Else Be Working on My Case?
Whether you are buying or selling a property, the chances are that many people will be involved in the whole process. Most law firms usually include other workers like paralegals or junior lawyers to help whenever necessary, and usually, that is the universal case. However, it doesn’t harm when you state categorically whether you want other people to access your information or not. Remember, in large firms, the chances of other people handling your case will be high, so you may want to shelve your ambition for big-name assistance and get help from a smaller office. When the attorney assures you he will be the one to handle your transaction, ask the options available in terms of communication and availability. Communication, especially when it comes to updates about your transaction status, is vital in an attorney-client working relationship. It will ensure your confidence by trusting the attorney is taking care of your needs.
Can You Provide References?
A top-notch attorney doesn’t have to be the master of perfection. Some moments may be so crucial for your case that your preferred lawyer may not be in a position to help. When such happens, the attorney should be willing to provide you with other attorneys’ names who can help. A lawyer who does this willingly means he or she is confident about their reputation and is ready to sacrifice for your ultimate good. Generally, hiring a commercial real estate lawyer narrows down to choosing someone with an impressive personality. A professional you are comfortable with and has professional connections with other attorneys.
What Does Your Availability Look Like?
There are many instances in the business when a deal is time-sensitive and needs immediate attention. If you can’t get in touch with your attorney or return your call, you will have a problem. You can expect them to drop what they are doing, but it isn’t unreasonable to get back to you in 24 hours. With all the different forms of technology available, getting in touch with someone is as easy as ever. One of the reasons you want a dedicated real estate attorney is for the mini emergencies that pop up. If your attorney is constantly in court, you will only get them first thing in the morning or after hours. Most of the work on a deal is done by the paralegals.
Why Hire a Commercial Real Estate Lawyer?
Avoid Legal Issues
Purchasing a commercial property is barely easy. There are a lot of problems that can arise that may include leasehold, corporate ownership, environmental issues or tenant claims. A real estate lawyer can help you work with the difficult issues that could come up.
Ease of Negotiation
People need a commercial property lawyer for a number one reason – they have strong negotiation skills. Because this is not a cheap investment, negotiations can be emotional. Utilizing a 3rd party who is knowledgeable about the ins and outs of the law will give you the best outcome possible to provide you with the best benefits as a buyer (or seller).
Reduce Your Risk
Renting out to individual tenants can be done with standard and easier legal leases. However, commercial properties have long teram leases and have risks that would be needing help from a real estate lawyer. This lawyer would be able to protect your valuable finance and look into any complications within the property. It will reduce your risk, and improve your commercial property transaction.
What Our Clients and Other Lawyers Say
“Ted is well-known as a leading real estate practitioner. In my dealings with him, he has been courteous, patient, cooperative, and considerate. His participation in any matter is always welcomed by reason of his brilliant legal mind, his keen analytical and creative problem-solving abilities, his thoughtful, open-minded and balanced approach, and his unique communication skills in being able to concisely, informatively, and understandably discuss difficult and complex matters”.
M.R. (lawyer)
“I have hired and managed hundreds of attorneys throughout my career, and I rank Ted’s capabilities in the upper 95 percentile when compared to his peers. He has the rare combination of intelligence, legal knowledge and ability to work through difficult issues with relative ease, while being sensitive to the concerns of all parties involved in the negotiations.”
J.C. (client, with a Fortune 500 company)
“An outstanding lawyer, a patient listener, and a problem-solver.”
P.H. (lawyer)
“I found Ted to be deeply intellectual, analytical, and objective. He is a person of even temperament, good humour and so was a pleasure to work”
C.P. (former partner)
Accreditation
- Master of Laws – London School of Economics, University of London.
- Law Society of Ontario – Licensee
- Bachelor of Law – Osgoode Hall Law School, York University
- Institute of Corporate Directors- Member
