There are always going to be legal issues to watch out for when you are buying or selling a commercial property. You have to do everything that you can to ensure that you and your company are covered, and you want to be sure that nothing is overlooked on the contracts. Now, this can be something that is quite difficult to do all on your own. Fortunately, the Long Island, NY real estate litigation lawyers at our firm have plenty of experience with this stuff. When you need help on a deal, we are ready to assist you.
What Are Some Legal Issues That Can Come Up in a Real Estate Deal?
Real estate deals can get complex quickly, so it should not be a surprise that plenty of legal issues can come up and cause problems. Our lawyers can help you avoid some of the most common issues, including:
Zoning laws: These are potentially the most important legal issues to successfully deal with when selling or buying commercial properties. These are rules that specifically govern how buildings can be used in specific areas. There is a recognition that commercial and residential buildings can have vastly different purposes, but an owner or lessee of a commercial property can still run into problems if they try to use their land for purposes other than those allowed by current zoning laws and regulations.
ADA compliance: It is also important that commercial properties are compliant with the Americans with Disabilities Act. This means that it has to be completely accessible to people who are disabled. Now, this can manifest as an issue in a few ways. If a property is not currently compliant, who is taking responsibility for making it compliant? The buyer or the seller? If a property is leased, is the lessee or owner responsible for the costs of making it compliant? This is not something that you want to overlook in a contract.
Insurance: Some types of businesses can require multiple types of insurance coverage. If you are buying a commercial property, you should have a good idea of how much it will cost you to insure it.
Property taxes: You also have to remember that property taxes are also likely to be far higher on commercial property. If you are buying a property, looking into its records and learning more about this potential cost is a wise idea.
Environmental rules and regulations: You do not want to run afoul of environmental rules and regulations. Violating such ordinances can result in some hefty fines.
Talk to Our Legal Team Today
No one should navigate a complex commercial real estate transaction on their own. At David A. Gallo & Associates, LLP, we have plenty of experience helping our clients avoid legal issues and regulatory headaches. So if you are working on a big deal, contact our law firm and schedule a consultation. We would love to tell you more about how we can help you.