Commercial real estate lawyers represent clients in all aspects of real estate transactions, including buying, selling, leasing, financing, managing, and insuring property. Commercial real estate attorneys often specialize in particular areas of practice, such as landlord/tenant law, construction law, tax law, environmental law, bankruptcy law, corporate law, intellectual property law, mergers and acquisitions, and land use planning.
The Basics of Commercial Real Estate Law
Commercial real estate law involves complex issues related to real estate ownership, management, finance, and development. It includes laws governing the rights and responsibilities of landlords and tenants, lenders and borrowers, developers and investors, and owners and managers.
Types of Commercial Real Estate Transactions
There are three main types of commercial real estate transactions: buying, selling, and leasing. Buying means acquiring property through purchase. Selling means transferring title to another party. Leasing means renting property to others.
Leasing vs. Buying
In some cases, a business owner will decide to rent space instead of own it. This type of transaction is called “leasing.” If a company wants to use the same building for several years, it might choose to lease rather than buy the building outright.
Tenants Rights & Responsibilities
Leasing companies must provide tenants with certain rights and responsibilities. These include providing safe and sanitary housing, paying rent on time, and protecting the property against damage.
If you own rental property, you need to hire a property manager who will oversee the day-to-day operations of your building. This includes collecting rents, maintaining the property, and dealing with any issues that arise.