As a business, you need a place to operate whether you choose to buy or lease. Getting the best deal is what you hope the real estate agent you hired is going to do. Unfortunately, there are some common legal issues that happen in commercial real estate you should be aware of.
Once you have a place, you need commercial property insurance. However, the insurance company is out to make as much money as possible which means paying as little out as they can. You may need a commercial real estate attorney Austin TX to handle your insurance claim dispute. While the insurance company may have fixtures listed in the agreement, but then argue about what exactly a fixture is when it’s time to pay out a claim. Additionally, some natural disasters may not be covered under the policy. Having an attorney review the policy before disaster strikes can ensure you have adequate coverage.
If you own multiple properties, you may want to use those investments in different ways than originally planned. Before you do any changes, you should speak to an attorney because there may be zoning laws prohibiting certain uses. Most municipalities have land use ordinances in place. Failure to meet those uses can result in fines and other issues.
Unfortunately, sometimes you buy a piece of property that comes with a defect in the title. Not all deeds are properly recorded which can make land ownership fall into question. Sometimes you may not even realize that you were only sold partial interest in the land. One common thing that can be separated from the land sale is mineral rights. If you planned to use the land for an oil operation, you may have to buy those rights in addition to the property.
Contract issues such as title liens can make the purchase of land a hassle. Be sure there aren’t any additional liens before purchasing a property. You don’t want to have to be responsible for someone else’s financial obligations.