If you work in the commercial real estate field, you know things can get complicated quickly, often resulting in high costs to hire real estate lawyers in NJ. While strong legal representation is an important part of your commercial real estate business, most people would avoid needing legal services in the first place if possible! Fortunately, there are ways to avoid some of the most common real estate challenges in the commercial world. Read on to find out some top tips!
“Recycling” Forms and Contracts
In an attempt to save a few bucks, some people will try to legal forms, contracts, and other business agreements. While this may work in select cases, it usually just exposes both parties to the risk of errors and future legal challenges! In addition, if your state or local municipality has specific forms that must be used, they might not carry over from one location to the next, or may not be updated to the most current version. To ensure your legal forms are actually legal, make sure to work with a skilled real estate lawyer in New Jersey. They will know the right questions to ask to design legal forms and contracts that are legal and applicable to your unique situation.
Handling HOAs
Homeowner’s associations can be a challenge, especially for your commercial real estate venture! An HOA has a surprising amount of rights over the properties within their association, and this is especially true for organizations such as condominiums or townhouses, where people share walls and utility fixtures. HOAs can place liens on homes for unpaid assessments or fees, and the process of clearing a property for sale can be greatly extended if everything is not in place. Don’t let your commercial real estate transaction be delayed due to problems with an HOA! Get the best results by knowing up front if your property is involved in an HOA, and working to speak with the president or property management company soon.
Using Your Property
In many jurisdictions, real estate is zoned for certain uses. If you are interested in a commercial real estate venture, lawyers in NJ can help you to make sure that your real estate fits the needs of the zone, or vice versa. For example, it is important to know if a foreclosed retail property space could later be turned into a housing development, or if a medical office could open alongside the retail offices. If any of these laws are unclear, or you are not sure how they apply to your potential real estate purchase, don’t hesitate to contact a real estate lawyer in New Jersey.
Commercial real estate can be a lucrative field, but can cost thousands in legal fees if problems occur! Prevent these problems before they get a chance to start when you work with a top real estate lawyer in NJ. The expert legal team at the Law Offices of Joanne Sorrentino have helped many commercial real estate investors to conduct smooth, easy real estate transactions, and are waiting for your call!
