The Brave and the Bold: Blogs About Business Attorneys

If you are looking to expand your business by buying a new property, it is important that you seek the proper legal advice before signing any contracts or borrowing any money to finance the deal. A business lawyer will be able to review the seller, the property and the paperwork on your behalf to ensure that everything is in order. Below is a guide to 3 occasions when it is essential that you use the services of a business lawyer who works in property law.

You plan to buy a building when getting credit is difficult

If you wish to expand your business but you do not have access to credit, you may need the help of a property lawyer when seeking out a loan. Credit which is offered to you in this situation will need to be properly scrutinised by a lawyer to ensure the terms and condition of the loan are suitable.

You plan to buy a building which is subject to environmental risks

When you are planning to buy a property, it is important that you have an assessment carried out which will highlight any environmental risks. Examples of environmental risks include wildfires, noise pollution and contamination on a former industrial site. A property lawyer will be able to evaluate any liabilities you may face as the new owner of the building. If extensive work will be required on the property, you will be able to use the advice given to you by your property lawyer to negotiate a reduced price. They will also be able to advise you on any additional insurance that may be required when taking on a high-risk property.

You plan to buy a property which was repossessed

If the owner of a building cannot afford the repayments on a property, the bank may choose to repossess the property and put it up for sale. Repossessed properties can be very attractive because they are often sold at a discounted price so that the bank can quickly recoup any losses. Also, because there is no chain of buyers and sellers, buying a repossessed property can be easier, as you will not have to wait for different people to be ready to complete the deal. However, when buying a repossessed property, it is always best to seek the advice of a property lawyer so they can ensure that the title deeds have been transferred to the bank from the former property owner.

If you would like further advice, you should contact property lawyers.