After the purchase of a commercial property, you might think you no longer have use of a real estate lawyer's skills. However, don't lose that lawyer's number yet; you may discover that you need their guidance for many additional situations such as the ones below.
If you have one or a few tenants that had leases with the previous owner, you're going to need to read and understand them so you understand how they'll impact you. There could be eviction agreements that you have to respect, for instance. A lawyer will point out important tenets in the contracts and give you guidance about what you may be able to change.
When you want to add a patio, fence or other improvements and structures, you need to first figure out whether that is legal. You need to be sure that current zoning allows for the particular project and ensure you aren't violating boundaries of neighboring property owners. An attorney will recheck the deed's land boundaries and look into zoning issues which could affect your plans. If a project requires a variance of the law, an attorney can prepare your documents and help you accomplish that
If you've purchased some property with the idea that you'll be selling off portions of it, you'll need legal help when deciding how much you'll sell and how big those pieces of property can be. Not only that, but you must ensure protection for your own commercial interests; for example, you might want to negotiate an easement or right of travel on all the parcels you sell. Being able to do this in a way that works for both buyers and yourself is something an attorney can negotiate.
Understanding Tax Consequences
While lawyers are not accountants, those who specialize in real estate can provide information regarding your commercial and personal tax burden as a result of some of the other issues described here. If you have a business partner or a spouse and that association is ending, the lawyer can guide you actions so that you can shield yourself from any additional tax implications that could make things difficult for you.
Your need for an attorney who understands and practices real estate law can continue as long as you're a commercial property owner. Discussing your business activities and plans with a lawyer, like Steve Butcher Sr, can prevent many legal problems and enhance the protection of your business and personal interests.