The commercial real estate sector in New York City is a place of constant evolution and competition. Both buyers and sellers must be aware of the value of the property and take steps to protect their legal rights.
When dealing with this sector, you may be better equipped to assert your rights and protect your best interests by working with a New York City commercial real estate lawyer. Whether your property is a company’s headquarters, a retail location, a restaurant, or an apartment building, having effective legal help is a necessity. A skilled attorney could assist in the purchase or sale of property as well as address any legal disputes that may arise during ownership.
One of the most important times in the formation a business is the purchase or lease of real estate. This transaction will not only allow a company to perform its function with security, but it will also impact the business’s finances and legal rights.
From the beginning, it is important to approach this transaction from a position of strength. Understanding how much a party is willing to spend and the value of the property is of the utmost importance. Equally important is the ability to determine whether a seller has the right to sell the property and any easements or other attachments that may follow the land.
A seasoned real estate attorney could take the lead in procuring commercial property for a business in New York City. This may include:
Acquiring commercial real estate does not end a company’s need for legal counsel in the future. There are many obligations that parties have once they take ownership of land to follow local laws and protect the rights of tenants.
For example, landowners must be sure to use the land according to approved zonal classifications under New York City Zoning Resolution Ch. 2 § 32-00. Failure to do so could lead to fines or other legal complications. At the same time, commercial leasers who have landlords must be sure to understand their rights as tenants to comply with the terms of the lease. A knowledgeable local attorney could explain these commercial property laws to tenants or landowners in the state.
It is also possible that disputes concerning the sale of property may arise years after the transfer takes place. For example, one party could allege that the other has failed to live up to their obligations under the sale contract concerning disclosures about the property. There could be a failure by one party to provide the property on time. Here, a New York City commercial property lawyer could take the lead to protect a party’s legal rights while seeking out appropriate remedies.
Commercial real estate in NYC can cost multiple millions of dollars. It is vital that you take every possible step to protect this investment as well as your legal rights. Hiring a New York City commercial real estate lawyer is the first step in securing this protection.
An attorney could help to facilitate a purchase or sale of commercial property. This includes researching the history of the land and drafting negotiated contracts. Once you take possession of the land, legal counsel could continue to provide support and advice about local laws as well as deal with any disputes that may arise. Contact our firm today to see how we could help you.