Key Considerations for Commercial Property Owners
There can be little doubt that the law of commercial real estate is characterized by a complex intersection of state, local and federal regulations. Further complicating matters is the fact that the realm of real estate transactions can encompass elements of contract, property and insurance law, just to name a few. The diversity of issues that can be implicated in a single scenario often poses real challenges for owners of commercial assets of this type.
Though it is always wise to enlist the help of a seasoned south Florida real estate lawyer to help address thorny issues and unexpected obstacles, it never hurts to brush up on a few key categories of real estate law vital to every commercial owner. The following breakdown is certain to prove handy in wide array of circumstances and can be used a starting point for tackling common dilemmas.
Understanding Landlord/Tenant Relationships
The laws governing landlord and tenant relationships vary by jurisdiction, so it is always important to familiarize yourself with the relevant rules in your locale. Key areas of concern typically include:
- Provisions for the payment of rent
- Allocation of tax liability
- Privacy rights
- Lease duration and terms
- Termination rights
Having a firm grasp of landlord and tenant relationships will help safeguard your interests and remain in full compliance with applicable laws.
Legally Mandated Disclosures
It is also essential that you gain a comprehensive understanding of the disclosure laws within your local jurisdiction. Such regulations relate to the landlord’s duty to disclose issues of concern such as the property’s condition, required inspections, accessibility requirements or the presence of toxic hazards such as lead paint, asbestos or radon.
Knowing the rules about disclosures can ensure that property owners fulfill their legal responsibilities and help prospective tenants make informed decisions before entering into lease agreements.
Land Use and Zoning Regulations
Commercial property owners must also educate themselves on local land use and zoning regulations that may impact or even thwart their desired use of real estate assets. Failing to abide by such rules can result in onerous sanctions and perhaps even the inability to continue operation at a given site.
Recognizing the Critical Role of Contract and Insurance Laws
Real estate transactions are governed by common law contractual principles, and as such will be subject to distinct rules of interpretation with which all property owners should be familiar. One type of contractual relationship in the commercial real estate context that can play a pivotal role is that between an owner and an insurance carrier. Because insurance rules are widely varied from state to state, it really does pay to consult with an experienced local legal professional in order to obtain all protections against loss.
South Florida real estate lawyer Mark Schecter possesses the commercial real estate experience knowledge and experience necessary to help clients sidestep common property pitfalls in a skillful, cost-effective manner. Contact Schecter Law today to schedule your initial consultation.