The common wisdom around building a business is that having the right location is key. However, that can be easier said than done, since issues related to commercial real estate can cause problems for even the most ideal location for your business. Here are five legal issues that may arise in your commercial real estate transaction:
- Title defects
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- One of the major legal issues that can arise with commercial real estate are potential defects with a property’s title. These may include unpaid mortgages or liens, unpaid property taxes, or undisclosed easements or covenants, among other things. While a title search can uncover many of these problems, there is always the risk that something may come up unexpectedly.
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- Contract disputes
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- In theory, commercial real estate contracts should be sorted out long before closing, meaning there is time to negotiate terms and adjust accordingly. However, in some cases, there may be an unforeseen dispute over the terms of the contract, or one party may find themselves unable to keep their end of the bargain. When this happens, it can potentially lead to significant litigation.
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- Zoning issues
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- Zoning ordinances are an often overlooked factor for many real estate deals, especially for businesses who might be looking to develop a property for their specific needs. However, zoning laws can place tight restrictions on how land can be used or developed, making certain types of businesses more difficult to run. That is why you should always check to ensure a location is properly zoned for the kind of business you want to run.
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- Environmental regulations
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- State, local, and federal law can all potentially impose environmental restrictions on how businesses can operate, including how they develop their property. This means that any commercial real estate transaction must also take into account the potential environmental regulations that may be involved. Fortunately, a real estate lawyer can help navigate through these potential problems.
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- Construction issues
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- The process of developing or renovating a property can be complicated, from getting permits for construction to obtaining financing for the project. It is critical for any business to ensure that construction goes as smoothly as possible, so they can get back to making money. However, that requires an experienced attorney to handle any issues related to construction that may arise.
For more than 50 years, the New York lawyers at Elovich and Adell have represented clients like you in real estate cases. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.
