Popular Commercial Real Estate Investment
2 weeks ago
I once read that if I bring all the lawyers in Illinois to the equator, it is a good idea to leave them there. This is what I read. What do you think this means? I have written about the need for due diligence when buying commercial Thailand Property. Before you finish, you need to investigate all the important aspects of the property you get. Assess the importance of each commercial real estate transaction and believe that once closed, there is no return. The seller has his money and he is gone. If there is a problem after the end, the seller’s contract statement and guarantee will be converted into an expensive lawsuit. CAVEAT EMPTOR! “Follow the buyer!”
Pay special attention to “doing well” at the beginning of a commercial Thailand Property transaction to save tens of thousands of dollars in the event of a transaction failure. This is like the old slogan of the 1960s Fram oil filter: “You can pay me now, or pay me later.” However, in commercial real estate, “later” may be too late.
Buying a commercial real estate is not like buying a house. it’s not like that. it’s not like that. it’s not like that.
In Illinois and many other states, the closure of almost every home requires the buyer’s lawyer and the seller’s lawyer. This can be very smart. This is a good protection for the consumer.
However, the “problem” caused by this is that every lawyer who deals with residential Thailand Property transactions considers himself a “real estate lawyer” and is able to handle any real estate transactions that may arise.
We learned in law school that there are only two types of property: real estate and personal property. Therefore, our intuition is that if we have the ability to manage the closure of residential buildings, we must be able to manage the closure of commercial buildings. Each of them is “real estate”, right?
Answer: Yes, they are real estate. No, they are different.
Legal issues and risks associated with commercial real estate transactions are significantly different from legal issues and risks associated with residential real estate transactions. Most are not similar. Lawyers who focus on closing residential buildings do not face the same problems as lawyers who focus on the commercial real estate industry.
This is an empirical question. You know the problems and risks inherent in commercial real estate transactions, and you know how to manage them.
One important point to remember is that the large number of consumer protection laws that protect home buyers do not apply to, and do not protect, commercial buyers.
The practice of capable commercial real estate requires a centralized and focused investigation of all important issues of the transaction by those who know what he is looking for. In short, this requires the exercise of “due diligence”.
I agree that due diligence is not cheap, but lack of due diligence may bring financial disasters to commercial real estate investors. Don’t be a “smart sage and a fool.”
If you want to buy a house, hire a lawyer who often represents the buyer. If you are buying a commercial real estate, hire a lawyer who regularly represents a commercial real estate buyer.
Years ago, I stopped dealing with residential real estate transactions. As a lawyer specializing in commercial real estate, I even hired a lawyer specializing in residential real estate to buy a house. I do this because residential real estate practices are fundamentally different from commercial real estate.
Maybe I am offering a “harp” to a knowledgeable lawyer with experience in commercial real estate transactions. I really believe in it. I think this is very important. I think if you are planning to invest in commercial thailand real estate market, you must use your critical thinking skills and be smart.