New York’s real estate market is as dynamic and vigorous as the city itself. Commercial real estate law is seen by some as complex and convoluted yet can differ within the same city or county. Commercial real estate lawyers understand these fluctuating regulations and therefore represent a vast range of clientele that can include franchises, small start-ups, and large corporations. These lawyers provide services such as drafting and negotiating real estate agreements, creating contract leases as well as sales and stakeholder contracts. And because of the complexity of real estate law, some lawyers devote their entire practice to commercial real estate issues.
Commercial real estate law is centered around statutes, regulations, property law, and property taxes. These real estate issues can affect far-reaching legal matters involving property transactions and disputes. That is why many New York firms service a vast range of legal categories including disputes that arise from:
Landlord-tenant disputes can involve holdovers, non-payment, and the breach of a lease. These clients are typically commercial leaseholders and require corporate litigation that includes appeals and trials. In addition, commercial real estate lawyers advise their clients on the possible benefit or risk of pursuing litigation.
Often times, start-up entrepreneurs are unaware of the pertinent legal formalities in a lease that can significantly impact future transactions. An experienced commercial real estate attorney can give sound advice before business owners sign that agreement. A lawyer will assist in deciphering the lease’s provisions as well as broker better terms for their client.
Representing the Purchaser
Commercial real estate lawyers usually address title issues for their clients upon purchasing a property. There are specific pros and cons to utilizing various entities such as corporations, limited liability companies, and partnerships which can all be used for title holding. A corporate real estate lawyer will understand the tax risks and protections offered by all of the entities and will assist clients in selecting the one that is appropriate for their needs. They will also counsel businesses on the viability of merging their property with different assets to name a distinct, single-purpose entity.
Generally, there will be fewer legal issues to consider when representing sellers. In contrast to the purchaser, sellers don’t have to evaluate the suitability of a property or determine how to finance it. However, many seller’s share the same chief goal of making sure their property is sold “as is” to reduce the risk of buyer claims after the closing. For this reason, most corporate real estate lawyers will usually facilitate contractual issues for sellers related to transaction costs and financing.
Why Work With a Commercial Real Estate Lawyer?
Commercial real estate attorneys are a necessary part of the process when purchasing any non-residential property. They counsel clients on pertinent legal guidelines that are related to the transaction. Real estate lawyers examine and analyze a wide range of transactional issues including purchase agreements, mortgage data, closing documentation, and zoning ordinances. And if needed, a real estate attorney will assist clients in contractual negotiations. In addition, commercial real estate attorneys help in facilitating the following activities:
Hiring a Commercial Real Estate Attorney
Because laws differ in various cities and states, when hiring a real estate attorney it’s important to consider whether the attorney possesses a fundamental knowledge of the area where the purchase will take place. The attorney should have the skill to attend to the litany of complex regulations and laws that embody a commercial real estate transaction.
A large percentage of corporate real estate attorneys work for real estate firms or a single corporation. However, in certain situations, a developer may retain a commercial real estate lawyer to serve as their general business counsel. In this case, the lawyer would be a liaison for investors, review financials, and buy and sell properties. And when applicable, the real estate attorney would be responsible for filing tax documents.
Some commercial real estate attorneys work solely for contractors on long-term projects. They could be responsible for the negotiation of leases for office buildings, mini-malls or other business that consistently rent or lease their property. These lawyers may also examine deeds and file titles with the county municipal court.
The most important role of the corporate real estate lawyer is to provide his or her clients with sound, ethical counsel regarding the purchase, selling, and administration of their property. They must keep abreast of fluid regulations and laws and stay informed on local commercial real estate issues. An experienced commercial real estate lawyer can be the determining factor in ensuring the success of a new development or property transaction.
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