If you are involved in commercial real estate, you likely know the high rewards and high risk associated with the business. A successful commercial real estate development project may bring substantial compensation and might elevate your reputation in the industry and the community. In contrast, a failed project can lead to financial losses and damaged partnerships. The stakes are high, and it may be beneficial to retain the services of a legal professional who might be able to protect your interests and rights.
A number of issues can arise during a commercial real estate transaction or project, and many have to do with a clean transfer of title. In some cases, the property lines may not be clearly established, or structures may have been built in areas where the property lines are in dispute. There could also be liens or other legal restrictions attached to the property. Resolving those disputes can sometimes require negotiation and appearances in court.
Sometimes, government issues hold up commercial property transactions. You may need a zoning change for the property to move forward with your project. Eminent domain could play a critical role if the area is being redeveloped. Some properties may have historical designations or other restrictions. Clearing those restrictions and issues can require cooperative work with the government and any other parties involved. It is helpful to have legal representation that knows how these issues work and has experience working with your local government.
An experienced and knowledgeable real estate attorney could help you navigate all of these complicated issues. Whether you need agency approvals, you need an advocate during contract negotiations, or you need assistance in financing negotiations, a skilled attorney can be a valuable asset to have on your team. For more information on how an attorney may be able to assist you in a commercial real estate transaction, please visit our real estate disputes page on our website.
Source: Law office of Henry B. LaTorraca, "Real Estate Litigation ", December 15, 2014