Commercial Real Estate Law
| Commercial real estate properties could be aptly described as real estate properties that are not used for residential purpose. |
These properties are utilized for business purpose and are usually income-generating. These included leasing out retail complexes, office buildings, owning shopping centers, hotels, restaurants, entertainment centers, manufacturing facilities and even apartment complexes. Apart from these, vacant lands that have the potential for business development, industrial properties and agricultural properties are also considered as commercial real estate properties.
A commercial real estate deal involves a greater risk potential. Some of the legal disputes involved in a commercial real estate deal include environmental contamination due to hazardous waste discharge, land zoning, defects in the title and market fluctuations. However, there are several procedures under the law so as to minimize these risks.
As per the law, every commercial real estate transaction must have a contract or a sale agreement. The terms of the agreement vary according to the type of property being purchased or sold. However, the agreement should contain details of the property, details of the transaction and any other obligations or contingencies that need to be fulfilled. Problems involved in the deed could be tracked through the state public record system. If the property is not in accordance with the local zoning ordinance, then it is always advisable to seek permission from the local zoning board regarding any changes in the intended zoning of the property. According to the law, the surroundings of any commercial real estate property should never be contaminated with any hazardous waste. The owner of the property could face huge damages if the law is violated. Hence, it is always better to ask for a disclosure statement before leasing out the property.
Commercial real estate law has slightly different procedures from those involved in dealing with residential properties. Issues concerned with commercial real estate properties should be carefully dealt in consultation with an experienced attorney. |
