An individual or business involved in a commercial real estate transaction may have a specific goal in buying or selling the property. However, there may be many legal issues that are not familiar to those involved. Legal assistance during such a transaction may be important to ensure that your interests are represented and that you are made aware of any important issues.
There are many parties to consider in a commercial real estate deal. Buyers and owners may appear to be the most obvious parties involved, but developers, builders, bankers, and residents in the community may also have interests in such transactions. It is helpful to work with legal representatives who understand these various points of view to ensure that matters can be handled efficiently. Some important issues to consider in managing commercial real estate include zoning, permits, and planning requirements.
Construction contracts are of high importance for those buying land that is yet to be developed. Financing a large project may require significant legal assistance. Title services are also important as a buyer seeks to acquire a new property. Those securing the use of commercial property may be more interested in lease agreements. An experienced commercial real estate lawyer is able to review documents related to a transaction to ensure that details are consistent with the expectations of a client.
From the time a property is considered until the closing, legal evaluation of financial numbers and other details can be of great importance. As you consider the purchase or sale of a property, you may find that legal advice allows you to refine your plans for the property or adjust your expectations in terms of timing for the sale to conclude. You may also want to involve your real estate lawyer in working out development details. Learn more by reading our commercial property page.
Source: Gislason & Hunter LLP, “Minnesota Commercial Real Estate Lawyers”, October 14, 2014
This information is general in nature and should not be construed as tax or legal advice.