Commercial property refers to a piece of real estate intended for activities that generate profit either from capital gain or rental income. By this definition, commercial property includes malls, retail stores, office complex, factories and warehouses, sports centers etc.
Compared with residential property transactions, commercial property transactions are almost always more complex in nature. This is due to the fact that larger sums of money are involved as well as the presence of greater risk and liability to both parties. The paper work involved for commercial property transactions is also considerably larger than that for residential property.
Now, if the real estate laws for residential properties in the State of New York can be describe as complicated, the ones for commercial properties are even more so. The process involved in reaching a final closeout and sales contract is more convoluted when dealing with commercial properties. What’s more, there is a lot of due diligence required in the process for economic, financial and legal reasons.
The principle of "caveat emptor" (buyer beware) applies greatly to a commercial property transaction and to this effect, having adequate legal representation is of vital importance. The law takes a neutral approach in its treatment of litigation involving commercial real estate transactions due to the fact that common sense suggest that anyone involved in such transactions ought to be sophisticated enough to understand the contract terms. Thus, there is a strict observance of the terms stated in the sales agreement unless in cases of fraud or some other form of illegality.
At Steffy Law P.C., our competent Commercial Real Estate Attorney provides professional legal help to our clients whether they are buyers or sellers of commercial property. We offer robust legal and advisory services on all matters pertaining to negotiating and closeout of commercial property transactions. The procedures in handling commercial real estate transactions differ even within the different counties in the State of New York and that is why choosing Steffy Law P.C. is your best option. Our expertise allows us to handle such transactions across the different counties in New York.
The laws surrounding buying and selling of commercial property in the State if New York are very complicated. As such, you require the right type of legal representation to aid you in the entire process. We offer highly specialized services to cover Phase I ESA (Environmental Site Assessment) and/or Phase II as well as lease, zoning regulations, tenancy issues and mortgage clause contingency.
To learn more about our commercial real estate legal services, contact our Commercial Real Estate Lawyer at Steffy Law P.C. today.