If you’re active in the real estate market, or if you are interested in purchasing industrial or commercial property for your own business ventures, you would do best by seeking the advice of a NJ lawyer who is skilled in the rules and details of these transactions. Your real estate team and business partners can also be useful sources of information, starting with the sound legal advice from the start can help avoid disputes down the line. Read on to find out our top legal tips for a smooth commercial real estate transaction!
Tip #1: Know the Law and Your Needs-Due Diligence
Each municipality has laws that govern land use, and New Jersey is notoriously tough on environmental safety! If you intend to use your commercial real estate for an industrial property, there may be restrictions on the usage and the environmental impact. If you plan to build on the property or use it for certain purposes, you may also need permits or waivers. Don’t get stuck with a commercial property you can’t use!
Tip #2 Titles and Transfers
Order a title search early to learn of the any title issues that may take time to clear.
Tip #3 Structure Your Structures
If you think you can purchase commercial property and do “whatever you’d like” with it, think again. Your state or municipality may have strict codes and guidelines for what may or may not be built—and will likely have strict regulations for how this happens. Consult with an engineer to determine if your construction plans conform with the code.
Purchasing commercial property requires even more effort than navigating traditional residential real estate sales. More often than not, you’ll find yourself working with a team of realtors, engineers, city officials, and commercial real estate lawyers in New Jersey. Make your sale or purchase as simple as possible by contacting the Law Offices of Joanne Sorrentino for legal representation.
