Commercial Real Estate Law
Although less commonplace than residential real estate sales, commercial real estate transactions have pervasive business and economic consequences. In Plano, commercial real estate law follows much the same mold as residential real estate law. Differences between the two are mainly in scope, size, emphasis, and economic import to the community.
A good Plano commercial real estate law firm can protect the best interests of your business, whether you are selling, buying, or leasing commercial real estate.
Commercial Real Estate Law in Plano
In commercial real estate transactions, purchasers can be held liable for environmental hazards or defective and dangerous conditions on the property, even if such conditions were hidden at the time of purchase. Consequently, buyers have possibly even more motivation in a commercial real estate transaction to make a thorough investigation of the property before buying.
A thoughtful commercial real estate attorney in Plano will ensure that his commercial clients have ample opportunity to inspect the premises, and to bring in experts, if necessary, to complete the inspection.
When purchasers acquire rental property, it is their responsibility to verify the terms of any rental agreements. A commercial real estate law firm in Plano should investigate any pending claims or complaints the tenants may have against the seller. Such claims become the responsibility of the purchaser once the sale is complete and title is transferred.
Environmental concerns and commercial real estate
Environmental problems that may come with a new property become the responsibility and liability of the purchaser. Increasingly, problems like leaking underground storage tanks, contaminated soil, and other environmental hazards become financial liabilities for purchasers. Even a new owner who neither contributed to nor knew of the contamination may be required to pay for the cleanup under state and federal laws.
A buyer concerned about possible environmental hazards should ask a real estate lawyer in Plano about how to minimize such risks when buying a new property.
Commercial leases
Commercial leases are frequently more complicated than ordinary residential leases. Sellers and buyers must agree to the following:
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Hire a Plano commercial real estate lawyer
If you are buying, selling, or leasing a commercial property, hire a local commercial real estate lawyer to protect your interests. Our attorneys understand your business’s needs and how to advocate for them in every commercial real estate transaction.
