Commercial Real Estate Transactions Lawyer
Some people might think that buying or leasing a commercial property would be similar to that of a house or apartment. But if you have any experience with commercial real estate, you know that is not the case. Commercial real estate comes with many more requirements and potential complications than a typical residential real estate transaction. If you are not careful throughout the process, you could quickly end up losing a great deal of money, along with facing other legal and financial repercussions.
To ensure your rights are protected and minimize the chance of any problems occurring, you will want to talk to an attorney who knows the ins and outs of New York commercial real estate law. The New York commercial real estate transactions attorneys at Chaves Perlowitz Luftig have extensive experience with these matters. You can count on us to give you straightforward, unbiased advice. Our managing partner, Alan J. Perlowitz, is a CPA and an attorney, giving him a background in finance that other law firms simply do not have.
No matter how complex your commercial real estate issue may seem, a knowledgeable attorney can help protect your interests.
What is a Commercial Real Estate Transaction?
A commercial real estate transaction is any deal between two or more parties involving the purchase, sale, or lease of a property for commercial use. Properties that may be involved in commercial real estate transactions in Manhattan that our seasoned real estate lawyers have experience with include:
- Small to mid-sized businesses
- Regional holding companies
- Office buildings
- Large housing units
- Healthcare facilities
- Educational facilities
Our real estate lawyers in NYC have successfully worked with owners, operators, and developers throughout Manhattan and beyond. We understand the complex rules and regulations surrounding these transactions and can safeguard your interests throughout the transaction. We can advise property owners, investors, and developers through every phase of the process.
Commercial real estate transactions often involve many more considerations than the purchase of a residential property. For example, commercial investors must consider whether a property will generate enough revenue from commercial tenants or improvements to garner a good return. They must also worry about environmental factors that can affect the value of the property, zoning laws that restrict how they can use the property, unlevered cash flow, the internal rate of return, and potential vacancy rates. All this means you must be much more careful about doing your due diligence before finalizing the transaction.
Working with a real estate lawyer in NYC who understands the rules and procedures involved in commercial transactions will help ensure your rights are protected and your transaction is as smooth as possible.
What Is the Role of a Manhattan Lawyer in a Commercial Real Estate Transaction?
The role of a commercial real estate attorney is to make sure your interests are protected at all times. Your lawyer will help ensure that you are not taken advantage of by the other party to the deal.
Here are a few ways a lawyer can help in a commercial real estate transaction:
Your commercial real estate attorney will review the documents involved in the transaction. Often, this can total hundreds, if not thousands, of documents. Your lawyer can explain each form, its terms, and its legal effect.
Conducting Due Diligence
Due diligence is vital in any real estate transaction, especially in deals involving commercial real estate in Manhattan, where large amounts of money and professional reputations may be at stake. Your commercial real estate attorney in New York can assist with the due diligence process by:
- Properly executing the contract of sale
- Conducting a title search on the property to identify any mechanic’s liens, unpaid taxes, or unforeseen registrations that cloud the title
- Updating the survey report so that the boundary lines are clearly marked
- Requesting and reviewing copies of all current leases
- Reviewing the environmental report
- Reviewing seller’s books and records
- Reviewing property tax information
- Confirming compliance with zoning laws
Whether you are buying or selling commercial real estate, your lawyer will need to prepare various documents. Depending on the transaction, your lawyer may prepare documents such as the deed, transfer documents, purchase offer, sales agreement, financing documents, commercial leases, and other necessary documents. Your lawyer may also register your documents and file them with the appropriate entities as required by the law.
Identifying Potential Issues or Errors
Because commercial real estate transactions are often more complicated than residential deals, it is incumbent on everyone involved to make sure there are no potential legal or regulatory hurdles that could derail the deal. A commercial real estate transactions lawyer can review title records, rental agreements, property tax information, and other information to uncover any potential issues or errors. Getting help from a lawyer before the deal is signed minimizes the chance of any later issues that could cause problems.
Keeping the Process Moving Smoothly
The longer a commercial real estate transaction takes to close, the more time, money, and effort is required from everyone involved. By hiring a lawyer familiar with commercial real estate procedures, the process can move at a steady pace so that the transaction closes on time. A lawyer can ask any questions that arise during the process and provide guidance.
Commercial Real Estate Transaction Services
With decades of combined legal experience, the commercial real estate attorneys at Chaves Perlowitz Luftig have handled a wide array of commercial real estate transactions for individuals throughout New York City. We offer reliable commercial real estate legal services in the following areas:
Purchase and Sale Agreements
The purchase and sale agreement is the foundation of any commercial real estate transaction. A well-structured agreement will set out clear terms and help prevent misunderstandings. Our seasoned NYC real estate lawyers will apply a keen eye to detail to facilitate the process of buying or selling commercial buildings, mixed-use buildings, multi-family housing units, or other commercial properties.
Many commercial real estate deals involve one party leasing a property from the owner instead of purchasing it outright. If this is the case with your commercial real estate transaction, we can either help you draw up the lease agreement for the other party to sign or review the lease agreement with you to ensure you fully understand its terms. We can prepare lease agreements, negotiate the terms of an existing lease, and analyze lease agreements to determine your legal rights and obligations. Our Manhattan real estate lawyers know that leases can last for decades, so we will work closely with our clients to ensure that the lease meets our client’s specific needs and benefits them now and in the years to come.
An easement is an agreement between two parties in which the owner of a property gives the other party the right to use part of their land for a specific purpose while the original owner maintains title over the property. Easements can be highly complicated, especially if the party who was granted the easement dies, moves, or wants to use the easement for another purpose. If you are considering allowing or asking for an easement on a property, be sure to get help from a lawyer.
In cases in which someone allows an easement on their property or leases a piece of property to another party, the owner of the property may require the other party to maintain the easement or split the costs with them.
One of the most complicated issues in a commercial real estate deal is financing. We can help you find the financing you need and help you understand various loan options to find the one that best suits your needs.
Disputes between landlords and tenants will happen from time to time. These disputes can quickly spiral out of control. An experienced landlord-tenant lawyer can help prevent issues before they arise and help resolve conflicts that do pop up.