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While buying or selling a piece of commercial property can certainly present exciting opportunities, it can also involve substantial financial commitments and legal issues that are not always immediately obvious or straightforward. Whether you are purchasing an office building, retail center, warehouse, industrial property, mixed-use building, or another type of commercial investment, it is always best to have a knowledgeable and experienced Rockland County commercial real estate lawyer in your corner through every step of the process. If you’re about to participate in a commercial real estate transaction of any kind, please don’t hesitate to contact the Law Office of Peter A. Hurwitz, PLLC for assistance today.
Buying Commercial Real Estate in New York
Buying commercial real estate is significantly different from purchasing a residential home. In many cases, there are additional contracts to review, financing issues to address, zoning regulations to consider, environmental concerns to investigate, and existing leases or tenants that may affect the property’s future use. That’s why it’s important to fully understand exactly what you are purchasing before you move forward with the transaction.
One of the most important parts of buying commercial real estate is the due diligence process. This is the period during which buyers have the opportunity to investigate the property and determine whether there are any legal or financial issues that could negatively affect the investment. If concerns are identified early enough, they can often be addressed before closing, rather than becoming expensive problems later on down the road. An attorney can assist buyers by:
- Reviewing and negotiating purchase and sale agreements
- Conducting due diligence investigations
- Reviewing title reports and addressing title defects
- Examining surveys, easements, and boundary issues
- Identifying zoning, land use, and municipal compliance concerns
- Reviewing existing leases and tenant obligations
- Assisting with commercial financing documents
- Evaluating environmental issues that may affect the property
- Coordinating with lenders, brokers, title companies, and other parties involved in the transaction
- Preparing and reviewing all necessary closing documents
Selling Commercial Real Estate in New York
Although many sellers understandably focus on finding a qualified buyer and negotiating a favorable purchase price, there are several legal matters that must also be addressed before the transaction can be completed. In many cases, buyers will conduct extensive due diligence, request documentation regarding the property, and carefully review every aspect of the sale before agreeing to move forward.
Fortunately, many potential issues can be addressed before they delay or jeopardize a closing. An attorney can assist sellers by:
- Drafting and negotiating purchase and sale agreements
- Reviewing letters of intent
- Resolving title issues before closing
- Preparing and reviewing closing documents
- Addressing existing lease agreements and tenant rights
- Negotiating inspection and due diligence provisions
- Reviewing mortgage payoff statements and liens
- Coordinating with title companies, lenders, brokers, and other professionals
- Assisting with the transfer of leases, contracts, and related agreements
- Helping resolve disputes that arise before or during closing
Contact a Commercial Real Estate Lawyer in the Hudson Valley
The bottom line is that if you are preparing to buy or sell commercial real estate in New York, having the right attorney in your corner is paramount. Here at the Law Office of Peter A. Hurwitz, PLLC, we are dedicated to helping clients with all commercial real estate matters, and we are ready to protect your interests throughout every stage of your transaction. Contact a seasoned Rockland County commercial real estate lawyer from our firm for an initial consultation today.
