Since the economic collapse in 2008 and now the pandemic, the future of commercial real estate is questionable. This article talks about the transformation and thus common questions about real estate.
With the shift that occurred over the years, conflicting views about real estate arose. And as a result, there are more disputes and arbitration concerning contract claims, asset relocations, construction, etc.
A real estate attorney is needed more than ever before due to these issues and more. When you look at the real estate lawyer description, you will find the following duties:
1. Advise clients accordingly upon monitoring legal risks regarding real estate documentation
2. Interpret rulings, regulations, and laws for local real estate transactions
3. Drafting and negotiating real estate transactions
4. Drafting routine amendments and leases
5. Manage compliance-related and regulatory services
6. Answer the client’s real estate legal questions
Real estate law comes from federal government, and your real estate attorney must navigate all the client’s real estate legal questions/concerns. The following includes more details concerning local real estate transactions, the shift, and how real estate attorneys navigate.
Real estate is a unique field partially for just how personal it is.
Unlike the often objective perspective major business, real estate holds a particular point of view for many due to how close it strikes to home. Commercial real estate law has seen some changes over the last few decades due to the housing bubble as well as changing attitudes toward homeownership. While housing foreclosure has risen significantly, so has the desire to purchase more affordable housing for new families. The function of a commercial real estate attorney is becoming more coveted as a result as the country attempts to figure out this new shift.
Where will commercial real estate law, and similar issues like commercial litigation and construction law, go from here?
Real Estate Over The Last Ten Years
There are a lot of conflicting mainstream views on real estate. Some believe real estate to be faring poorly, with the rising number of foreclosures cropping up across the country, while others state real estate to be better than it’s ever been thanks to positive attitudes toward homeownership. Irregardless of personal perspectives on the matter, commercial real estate law has to take into account the unique viewpoints being brought to the table. Few people today are complete experts on issues relating to mortgage, asset relocation and bankruptcy, all of which your firm needs to address in a way that’s both detailed and concise.
Common Real Estate Concerns And Questions
Your real estate firm will have to navigate some questions and concerns more frequently than others. This can include asset relocation, such as during the topic of a divorce and who owns a certain property, or concerns about mortgage rates. According to data provided by the American Arbitration Association, alternative dispute resolution (or ADR) is widely considered the preferred conflict management process in multiple industries. The construction industry, in particular, actively relies on arbitration to address many issues relating to payment, hiring and transferring of responsibilities.
Commercial Real Estate Law And Construction
Your commercial real estate law firm will dip frequently into the field of construction. Construction companies today are in an interesting place technologically, relying heavily on 3-D printers that primarily provide concrete materials. An interview with Colin Guinn of 3-D Robotics had him stating drones help engineers and architects tackle construction tasks more accurately. This doesn’t reduce the function of commercial real estate law firms, however, as labor law is always seeing dynamic shifts that needs the eye of a seasoned professional to resolve.
Contract Claims, Disputes And Arbitration
A business litigation attorney is required more often than not when a legal dispute rises to attention. Back in 2015 the American Arbitration Association administered over 550 construction industry cases with claims exceeding $500,000. The largest mediated construction case to date was for over $2 billion, while the largest arbitration case was for $95 million. Alternative dispute resolution remains the preferred conflict management process in the construction industry, with the median time frame for filing to award being 230 days. Time is money and saving just a few months can go a long way for a business trying to stay afloat.
The Future Of Commercial Real Estate Law
The appeals process has changed and hasn’t changed at the same time. The American construction market was estimated at over $1,100 billion back in 2016, with a significant portion of this money going straight to appeals court and arbitration. There are many options available to the average business or entrepreneur that wants to stay on the right side of commercial real estate law, such as applying for builders risk coverage. It’s your firm’s job to make sure everyone is on the same page as they aim for a job well done or a home that’s sold properly.
What can your labor law firm do to make sure commercial real estate law stays in-tact?