Commercial Real Estate Laws: What You Should Know
As a real estate professional in Colorado, you know how complex commercial real estate laws are from the federal to the local level. Since it's impossible for one person to be an expert on various laws, it's important to hire a commercial real estate lawyer to help you resolve legal issues.
Here's a summary of different types of laws you may encounter in the commercial real estate business:
Rental and Leasing Agreements
Each state has its own landlord/tenant laws designed to protect both parties. Rental agreements usually specify rental fees, taxation, rights of privacy and a variety of other factors that define the relationship between the landlord and the tenant. Each state also has its own eviction process.
The condition and location of a property, especially if it involves toxic chemicals, must be disclosed to tenants, so that they understand risks of moving into the property. Homes constructed with asbestos, for example, must be disclosed to renters in certain states.
Local and State Regulations
On the local level, you must deal with zoning and land use regulations set by local governments. Zoning rules will determine if a property can be used as a retail store. It's important to know local laws if you run a business that rents office space to other businesses.
Agreements must be structured in a specific way with precise language that protects the parties involved. Real estate transactions are covered by the Common Law of Contracts in the United States.
Property Insurance Laws
When you invest in commercial property, you will need to protect it with insurance. You will also need insurance to protect your company against liability cases. Since insurance laws differ from state to state, it's best to meet with a commercial business lawyer to learn more about laws where you live.See Also: Asset Protection and Estate Planning: How to Integrate Them
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