Before you ask your Commercial Actual Estate Attorney the 12 Power Questions questions, narrow the field to the best candidates you feel will represent your interests like they had been theirs. Let’s make it straightforward, commence with folks you know and trust or have accomplished organization with in the area you wish to buy and ask for recommendations. People that know you, know how you interact with others, ask for the best fit as they see you.
Get recommendations for top quality attorneys from your brokers, property manager and other local investors – you can ask at a local real estate investor’s group meeting, if you do not know anyone in the region. Trust your gut in the interview, your reputation and success as a professional investor will be influenced by who you invite to your inner circle.
Once you have decided on the very best candidates, attempt to arrange a meeting outside their office, offer to take them to lunch or meet socially through an associate. Very first impressions do count. Get to know the attorney as a professional and get answers to your questions with out feeling intimidated or threatened by their knowledge or lack thereof.
Here are the 12 Key Questions to ask:
1. What is the most complicated transaction you have ever been involved with to date?
2. How a lot of Commercial Transactions have you been involved in?
3. Have you represented both a buyer and a seller in a commercial property transaction?
4. How several commercial real estate renegotiation (retrade) contracts have you completed?
5. Have you facilitated a commercial transaction, covering all aspects of the closing?
6. How a lot of entities have you developed for clients, such as – Limited Liability Companies, Limited Partnerships, etc? Can you write Opinion Letters for Lenders on these entities?
7. Have you reviewed loan documents just before?
8. Have you carried out loan assumptions before?
9. Have you ever worked with a Lender’s Council to close a property? A lender’s attorney will draft the loan documents and your attorney will function with them.
10. Have you ever worked with Conduit Loans or loans from Fannie Mae or Freddie Mac?
Fees and references
11. What are your fees? Hourly or retainer?
12. ASK FOR AND CHECK 3 REFERENCES
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