Commercial real estate allows businesses to operate, trade, and engage in commerce. It can range from office buildings to mixed-use developments, hotels, warehouses, and more. When you decide to find and purchase a commercial property, it is important to consider the legal points associated with purchasing, leasing, developing, and managing it.
Due to the complexities of property acquisition, it can be helpful to have an experienced attorney assist you when you make this investment. The Los Angeles business attorney at Leiva Law Firm can support you and provide you with the legal assistance you need to navigate the intricate process of commercial real estate acquisition.
What Businesses Should Know About Property Acquisition
Before signing an agreement, it is critical that a buyer conduct due diligence on a property. This would include inspections, environmental assessments, research of the title, and a financial analysis.
Similarly, it is important to understand the zoning and land use regulations that may exist on a property. Early in the process, using criteria to only search for properties that have the right zoning and land use regulations is essential. You’ll need to find something that willl work for your purposes and purchase a property that you are able to operate on, use, and develop the way that you want. However, if you find a location that you believe is ideal but the zoning is not quite right, it could be possible to apply for a variance. A variance allows you to justify why it is necessary to use a property differently than it is zoned for.
If developing is a part of your plan, then you may need to do environmental impact reports to assess how your plans will impact the environment. Environmental compliance is crucial. As a result, issues related to stormwater management, hazardous materials handling, and environmental remediation are typically the responsibility of a property owner.
Once all the parts are in place and a property has been chosen, business owners should be aware that they may still have a long road to the finish line with their project. Legal challenges may arise during the process. Local communities and residents may challenge zoning decisions, non-compliance with environmental regulations can be a liability, tenants may have disputes over their lease, or there could be several different instances of contract disputes.
Speak to an Attorney at Leiva Law Firm Today
As a business owner, you are aware of the many moving parts and complexities associated with property acquisition. There is far more to do and consider than simply signing a purchase agreement and then proceeding to closing procedures. Having the assistance of an attorney throughout each step can be advantageous.
If you are a California business owner who would like assistance with property acquisition, please call Leiva Law Firm at (818) 519-4465 to schedule a consultation with an experienced attorney. Initial consultations are complimentary, and the legal team at Leiva Law Firm is ready to help ensure your investment is protected.
