The benefit of competent legal advice on a real estate deal stands on its own. Commercial Real Estate transactions often contain much more than a typical real estate transaction by way of associated contracts and peripheral agreements – even just understanding a title report can be complex. This is even more true in the hospitality industry where you are transferring a business with all of its collateral accounts and good-will, non-competition agreements, transfers of proprietary name rights, business permits, and complex franchise agreements – it can be wise, especially for the less experienced investor – to have their counsel review the documents and contracts before entering into binding and often long-term agreements.
Your real estate broker cannot advise you on the specific legal ramifications of your actions and may not offer legal advice.
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