If you are in the process of purchasing an apartment complex and are new to the rental property industry, you may want to visit a business attorney that specializes in real estate transactions for advice, help, and legal assistance. Owning an apartment building might be a great opportunity for you, but you will want to make sure you are handling this venture the best way possible. Here are three issues a business attorney will help you with as you make this big purchase.
Closing on the deal
Closing on a commercial property is not an event you should try to handle alone. There are a lot of details involved with these types of closings, and you will want to make sure the closing documents are completed properly and that the financial end of the deal is fair.
Another thing a business attorney will help you with is setting up a business structure for the apartment building that will protect you. While there are several options you could choose, a common one is using a limited liability company (LLC). LLCs are somewhat easy to form and are not overly expensive. One good trait of LLCs is that they offer liability protection for you. As the owner of the LLC and the apartment building, no one will be able to touch your personal assets. For example, if you default on the loan and the lender forecloses, they cannot come after you for this money. They can only come after the LLC.
Assistance with tenant-related matters
As a new landlord, you will also need some help with tenant-related matters. For example, you will need to learn and understand landlord-tenant laws, and your attorney can help you with this. Your attorney will also be available if you have questions about these things along the way.
The attorney can also help you with lease questions. If you do not have a good lease to use, you might not have enough protection, which is never a good thing. Because of this, let your attorney help you make one that will fully protect you in all the necessary ways.
Buying an apartment building is a major event, and running a business like this can be difficult. If you want to make sure you handle everything legally and properly, don't do it alone. Hire a business attorney to help you with this huge step you are taking. Check with an attorney like Law Offices of Bonnie M. Benson, P.A. for more information.