Commercial Real Estate
Commercial Real Estate
As a buyer, you want the best price, location and space. As a seller, you want a smooth sale and the most money for the transaction. The attorneys at Stoner Law Offices PLLC will work with you to achieve results that you desire.
As the seller’s attorneys, we prepare the host of documents necessary to complete the transaction successfully. We ensure that the documents are properly drafted so as not to leave room for future conflict.
As the buyer’s attorneys, we perform due diligence. Our aim is to ensure that there are no surprises after the sale is complete. We confirm that:
- There are no judgments against the selling entity that could attach to title or chattels
- Your intended use of the property complies with applicable zoning restrictions
- You get what you bargained for
- You are conveyed good title
What are the Common Areas of Commercial Real Estate Law?
In the second quarter of 2019, the average office lease rate in the Pittsburgh region was $23.16 per square foot. With an abundance of affordable office space and thriving businesses, the city has a strong commercial real estate industry. But that doesn’t mean that every purchase or lease is a financially savvy decision.
There are many real estate laws that could impact your transaction. Find out which laws might affect you and how your attorney can help.
Commercial Leasing Laws
Whether you own a commercial property and rent it out or you are renting a property, you should be aware of local commercial leasing laws. They vary greatly from state to state and even city to city. Furthermore, they are nothing like residential leasing laws.
As a general rule, commercial tenants aren’t as well-protected as residential ones. For instance, a Pennsylvania landlord has no responsibility to mitigate damages unless the lease specifically says so. The state also has a law that gives tenants and landlords certain protections. But certain terms in the lease override those rights. Before signing a lease, you should speak to an attorney about the contract. They can read it over and ensure that it’s in your best interest.
Land Use Codes
Pittsburgh has specific land-use codes and zoning regulations that can affect your real estate deal. Because of local laws, you may be unable to use your property in the way you want to use it. For this reason, it’s essential that you have an in-depth understanding of the way in which zoning laws impact your property. You should work with someone who has knowledge of commercial real estate law in Pittsburgh.
People who own or lease a commercial property need insurance. Without it, they put their livelihood at risk and may not be complying with state laws. If you own or lease a property, you should be aware of the insurance requirements.
In Pennsylvania, business owners are not mandated to have commercial liability insurance. But your lease contract is likely to require it. With the insurance, you protect yourself from a lawsuit that might arise after an accident in your business. Regardless of how careful you may be, you never know when an accident will occur. A commercial real estate lawyer in Pittsburgh will be able to explain more about your insurance needs.
Real Estate Disclosure Laws
If you’re buying a residential property, the seller must disclose major issues with the property. Failing to do so makes the seller vulnerable to a lawsuit. On the other hand, commercial property sellers are not required to disclose significant problems. They are, however, required to be truthful about any voluntary disclosures that they make. Additionally, if they are selling a commercial property that includes a residential dwelling, disclosure laws may apply.
If you own or want a commercial property, you could benefit from working with a real estate lawyer. The transactions tend to be much more complex than residential sales and leases. By hiring an experienced commercial real estate attorney in Pittsburgh, you reduce your risk of making a bad decision.
When Do You Need a Commercial Real Estate Law Firm in Pittsburgh?
Many people wait until they have a legal problem to hire a Pittsburgh commercial real estate attorney. Unfortunately, this isn’t in your best interest. By the time you hire a lawyer, it may be too late to resolve your situation. You could already be bound by a contract.
For example, you could buy a commercial property in a zone that doesn’t allow for businesses of your type. Once you sign the contract, there’s no going back. Had you worked with a Pittsburgh commercial real estate lawyer, you may have been advised not to make the purchase.
To give yourself the best chance of a successful real estate transaction, you should work with a lawyer before you buy, sell, or lease a property. Their advice could be invaluable and prevent you from making a mistake that destroys your business. If you do encounter any legal problems during or after your transaction, you’ll have an experienced legal team waiting to represent you.
Here at Stoner Law Offices, we want you to get the legal representation you deserve. Our firm has years of experience with local commercial real estate deals and we’re eager to use our experience to your advantage. Before you sign a contract or make a decision, give us a call.