The transfer and use of real estate are some of the bedrock concepts in law. Unsurprisingly, there are specific issues within this field regarding commercial real estate.
You may wonder, however, if you really need to hire a commercial real estate attorney to represent your interests, especially when there are plenty of lawyers out there. If you're planning to buy, sell, transfer, or use a commercial property, you should consider working with someone who specializes in this sort of work for the following four reasons.
Complex Ownership Arrangements
In the residential real estate world, ownership is usually fairly simple. There might be a bank involved that is holding the title for a mortgaged property, but there probably isn't going to be more than one party with a stake in using a house.
On the other hand, commercial real estate ownership can get complex. Oftentimes, businesses have partners, investors, and other parties involved. Also, a lot of businesses have corporate structures that impose more decision-making. When you deal with property, though, you need to be clear about what these complex ownership situations have to do with the land and associated assets. A commercial real estate lawyer can guide you through the process.
Rights
Many commercial properties also have complex rights issues. Zoning for commercial purposes tends to involve greater scrutiny from local and state governments.
Similarly, the neighbors tend to be businesses that don't want your activities to interfere with theirs. For example, a neighboring building may have what are called air rights, providing it with at least a partial view of the sky from where it is. If you build too wide of a structure and violate those air rights, you might end up in litigation.
Renting and Leasing
Many commercial buildings end up at least partially rented or leased. Whether you're going to be on the tenant or landlord side of the ledger, it's wise to work with a commercial real estate attorney.
One of the main reasons is that the agreements can be complicated. For example, many commercial rental agreements require tenants to pick up things like maintenance costs, utilities, and even taxes. Before you enter into such an agreement, you should have a commercial real estate lawyer review it.
Paperwork
Everything with a commercial location tends to be bigger. This includes the paperwork. Sales, rentals, and other agreements involving commercial sites will demand lots of documentation. Fortunately, a commercial real estate attorney can help you with drafting or reading documents, conducting negotiations, and managing the closing process.
Contact a commercial real estate attorney for more information.
Share29 April 2022
My name is Noni. When I was in college, I was hit by a car while crossing the street. My life was never in danger, but I did break a few bones and had a lot of huge medical bills. I was hoping I wouldn't have to get involved with an attorney, but unfortunately, it came down to that. I used a family friend who is an accident attorney to get some compensation. A few years later, I was hit while riding my bike and had to go through the same process. I suppose I'm lucky to be alive. And it's thanks to accident attorneys that I have been able to put my life back together. I started this blog as a way to let others know just how much lawyers can help you in certain situations.