There are plenty of risks to worry about when investing in commercial real estate, including legal risks, but there are plenty of potential upsides to owning your own commercial property too. Our Long Island, NY real estate litigation lawyers can help you evaluate risks and decide whether or not a particular project is right for you.
Do You Have to Worry About Personal Injury Cases When Investing in Real Estate?
Even if you invest in a building and everything seems to go off without a hitch, you may have some liabilities to worry about. Once you have filled your commercial property with tenants, you have to assess your liability and figure out what kinds of lawsuits you could end up facing.
Something you do not want to overlook is the potential for personal injury cases. People get hurt on other people’s property all of the time. Your contracts with tenants have to make it clear who is responsible for upkeep and keeping the property safe, you or the renter of the space. If you are responsible for keeping the property free from safety hazards, make sure that your insurance policies are comprehensive and that there will be no surprises if someone does get hurt.
What If There Are Changes in Legislation?
One thing to watch out for is changes in legislation. Now, most people do not make it a priority to pay attention to every law or regulation passed by their state legislature or local politicians. If you are going to invest in commercial real estate, however, you are going to need to be aware of what these politicians are up to. At the very least, you should have someone on staff or a lawyer who can keep you advised about any potential issues that may arise due to changing laws.
Could Investing Partners Sue Me?
It is also possible that any partners that enter into this real estate investment with you could end up suing you. If investing partners believe that they have been misled or that you are doing something beyond the scope of the original contract, then they may take issue. They can be especially litigious if they believe that their money might be at risk due to the moves that you are making.
Should I Consult a Lawyer Before Investing?
This is why it is important to talk to a lawyer before entering into any kind of deal, especially if partners are involved. The lawyers from our firm are not just well-versed in local and state laws and regulations. We can also take a look at any agreements that you have signed and figure out if you have any additional liabilities to worry about. We really cannot recommend entering into any major commercial property investment without consulting a legal professional.
Schedule Your Appointment With Our Legal Team
So before you enter into any major deal, contact the experienced attorneys at David A. Gallon & Associates LLP. We can tell you more about the risks of investing in commercial properties and whether or not this is the right path for you.