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Commercial real estate is a tricky leviathan that is very different from its residential counterpart. Commercial real estate laws have to deal with issues that home buyers and sellers do not have to, most notably zoning laws. There is also a host of state and federal laws to deal with. The legal nuances of commercial real estate make it so having a qualified real estate attorney on your side is essential to securing a fair deal in compliance with laws at all levels of government.
When buying commercial real estate, zoning laws are likely to be most pertinent to your priorities. These laws dictate what sort of business you are allowed to operate in the property you acquire. Failing to understand zoning regulations can lead to costly fines and even cause your business to be closed down entirely. Furthermore, understanding property taxes in the area and how they apply to your business, along with exemptions you may be eligible for, can be the difference between profit and loss in the first couple of years.
When selling commercial real estate there are less burdens than is typical of residential sales. This is because the law generally assumes that those buying and selling commercial real estate are more familiar with the process and are more likely to rigidly stand by the terms of a contract unless illegal of fraudulent. This gives real estate sellers more flexibility than their residential counterparts. However, selling commercial real estate still comes with it a host of legal concerns to be addressed, including making sure that the contract clears up terms from entitlements to existing leases that may be attached to the property.
Commercial real estate can be tricky, and is not something that should be taken lightly. Since the purpose of a commercial real estate transaction is for both parties to profit in the long run, it is more important than ever to ensure that both parties come to a fair and equitable business arrangement. Having a qualified real estate attorney on hard can facilitate this.
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