The decision to purchase or lease real estate can be an essential first step to starting a company. For already established businesses, this can also be a step towards expansion or a way to manage existing tenant relationships.
It is critical that business owners understand and follow state and federal laws concerning the purchase, sale, and lease of property. This includes regulations regarding illegal language in leasing contracts as well as understanding a company’s legal rights in case of a potential breach.
A Bloomington real estate lawyer could provide essential guidance to businesses. From obtaining a first brick and mortar location, to drafting lease agreements, to taking the steps to sell property, a well-versed business lawyer could help.
Purchasing Real Estate in Bloomington
The purchase of real estate can be an essential first step in establishing a business. Whether a business is looking to perform their day to day operations at the site or is looking to purchase property with the intention of renting it out, companies must be aware of laws that govern the proper sale of property and what occupants can do with the land.
Laws in Bloomington and throughout the state strictly control commercial real estate transactions. A proper seller should disclose all easements that affect that land, as well as the current deed status. Challenges to the seller’s title to the land can result in years of disputes over the ownership of the property. Additionally, the land may be subject to easements that limit the use of the property or that grant other parties rights to the land.
Part of making a responsible purchase of commercial real estate is performing due diligence into the property. This includes evaluating the occupation history of the building, obtaining a list of any current tenants or occupants, getting a valuation of the land’s worth, and making sure the land is zoned for the purchaser’s plan of business. A Bloomington real estate lawyer could help determine whether purchasing a property makes legal sense.
Maintaining Current Legal Relationships
One of the draws of owning commercial property is the possibility of leasing it out to a tenant. This can allow the owner to receive a passive income while providing a profitable business opportunity to a tenant. This can include both business tenants and residential occupants.
Working with a lawyer may be necessary at any phase of these arrangements. An attorney can help draft leases that meet federal and state laws concerning discrimination or equal opportunity. For instance, Minnesota Statute §363A.09 says that it is illegal for any lessee to discriminate against a potential tenant due to their race, color, creed, religion, or sex, among others.
An attorney can also help maintain current leasing relationships. A lease may need to be renewed and the two parties may not agree to terms for a new lease. If the parties wish to continue their relationship, a lawyer could help to negotiate new terms that leave both parties feeling satisfied.
Learn How a Bloomington Real Estate Attorney Could Help
Many businesses rely on some sort of real estate transaction to make their profits. This can include purchasing land to do your principal business or buying land to lease out to tenants. In either case, it is essential to understand local real estate laws to protect the future of your company. A Bloomington real estate attorney could provide vital support. Call today to learn how an attorney can help.