Have you experienced an issue with your commercial real estate property? If so, you shouldn?t sit around and wait for the situation to get worse. Knowing when to hire a commercial real estate attorney can be tricky, but you shouldn?t risk your money or your property by choosing to not hire an attorney. Whether there is a breach of contract or an issue with your coverage, you shouldn?t attempt to learn about and research commercial real estate law on your own. Finding a high quality lawyer is the best way to move forward with a problem with your real estate investment.
Interested in learning more about know when to hire a commercial real estate attorney? Keep reading for more information about reasons that your real estate may be jeopardized.
Reasons You May Need to Hire an Attorney for Your Commercial Real Estate Property
In the real estate industry, there are a few main reasons why you may end up needing to hire an attorney to help with your case. Depending on what type of commercial real estate you are dealing with, different situations may occur.
If you are investing in the building of some commercial real estate property, you will have to work with construction companies. These companies will sign some sort of contract with you to work on building your property as you please. There are times when disagreements may occur during the building of your property. Before or during the building of your property, if a dispute occurs between you and the construction company, this may interfere with the timeline you had in mind.
A dispute between you and the builder may occur if either one of you does not follow the contract as was outlined. For instance, if you change the design or construction layout of the building, this may interfere with the construction company?s original plan. They may need more time, more money, or more employees to meet your desires. Unless you can come to an agreement together, it may result in the need for an real estate attorney and construction lawyer to help with the situation.
Generally, when a case involves the construction industry, it will go through an alternative dispute resolution, according to the American Arbitration Association. Any case that needs this type of conflict-management process can last for around eight months once the case is filed. Luckily, this type of case is usually completed quicker than a litigation. Litigation cases require a litigation attorney and can last for more than two years putting a long pause on your construction plans for your property. Note that in most states, you need to file in under four years if you believe a contract was breached, otherwise you waive the right.
Another problem that may occur when working with a construction company on building your property could be related to the builders risk coverage. Generally, this coverage last for at least one year. Someone usually gets this coverage if the building is new or an older building is being remodeled, altered, or repaired in any way. To learn about ISO?s Builders Risk Coverage, many people view the Builders Risk Coverage Form, CP 00 20, because it is written in simplified language.
If for some reason your building doesn?t meet the standards promised in a contract, you may need to review the contract and the coverage on your property. You don?t want to jeopardize the lives of anyone who goes in and out of your commercial real estate property. So, it should be the responsibility of the construction company to ensure that the building meets standards and is safe to occupy. If you were wondering when to hire a commercial real estate attorney, the minute you decide you need to review those documents, you should do so after hiring an attorney.
Have you ever wondered when to hire a commercial real estate attorney to help with your issue? What the case regarding? Let us know in the comments about your experience finding the right lawyer for your case.