Realtor vs Attoney in Commercial

[April]

I'm curious as to the opinions of using a realtor vs. an attoney to put together you commerical deals. Can anyone share their experiences.(pros and cons)

I personally write my own letter of intent but like the idea of attoneys because it cheaper...but cheaper isn't always better so please share.

 

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[SteveO]

It is not a matter of one vs. the other. If you have little experience, you may want to have an agent on your side. The problem is that you probably won't see all the best deals this way. Most agents in the commercial arena want to get the sale without an agent on the other side and will work hard to accomplish this. It makes sense most of the time because the agents have a network of buyers on their list.

An agent from either side will give you a purchase contract that favors themselves. There are usually very few representations and warrantees in the buyer's favor. For this reason alone you should have an attorney. The seller may want to use their own contract for a sale but you may want to have an attorney review and negotiate the paperwork.

It helps to have an attorney on the loan contracts as well.

I went for a number of years without a contract attorney without any problems. That is the key point. If you do have a problem, you will wish you had used on early on.

 

[KyJoe]

That's good advice. Commercial brokers use the worst contracts, they leave little if any exits (unlike a residential contract). I could probably write a better contract on toilet paper than a good bit of the commercial contracts that I have seen.

 

[randallg99]

It depends on the complexity of the deal... a simple buy of real estate property without any environmental issues or title problems, etc can be performed without much assistance.

I personally use attorneys despite a few extra bucks... covers myself from start to finish whether its a single family rental or a 50k sq ft retail site

 

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