BLOG / 01.26.17 /Jack Malley
5 Real Estate Laws That Real Estate Owners Need to Know
When it comes to commercial real estate law, there’s a lot to take in. With so many laws that exist on the books for federal, state, and local laws, it can be pretty confusing. Commercial real estate laws can be so befuddling and complicated that at the end of the day, you really require a lawyer to help you sort through everything. The average person isn’t going to know the ins and outs of the laws on real estate, and when it comes to real estate, when you’ve got money and time invested you really don’t want to get it wrong.
Real estate owners, take note: real estate lawyers can help advise you and get you on the right track when it comes to law. In the meantime, here are five issues in the area of real estate that owners should be informed about.
1. Landlord and Tenant Laws
These change a great deal depending on the state they are relevant to. In many cases, the law may be confusing, so you may need to consult a lawyer to know your rights. These laws may have clauses that relate to such topics as disclosures, rights to privacy, taxation, termination of tenancies, paying rent, and more. If you have a question as an owner about anything regarding tenants, consult a lawyer and you’ll soon have a greater understanding of how to approach the situation and what your rights are.
2. Disclosure Laws
These types of laws relate to the location of a property, as well as the shape it’s in and the restrictions that are placed on the property. This is to clearly outline the expectations and principles so that renters have a structure they can read, digest, and agree to. Owners must disclose if they have any aspects of this property as well, such as toxic substances in the building. These laws vary according to where you live.
3. Zoning/Land Use Laws
These laws relate to how regulations of land use and zoning are established and enforced. They basically say how a property can be used, and if you’re not sure if you can operate the way you want to, you may have to see a lawyer to figure it out or risk losing thousands. Not only that, but you can be shut down if property rights are stepped over, so it’s good to be clear on this issue. Owners may also have to apply for changes to the zoning processes and be approved, which can get tricky. Either way, you want to know what you’re dealing with before renting or leasing space for a business.
4. Contract Law
Binding contracts are accepted by both properties, but they also have to be spelled out very specifically in order to stand up to challenges they have. Most of the contracts drawn up in America will be under the U.C.C., or the Uniform Commercial Code. Real estate sales and contracts are usually under the Common Law of Contracts. Again, a qualified real estate lawyer will be able to answer any questions that you may have when it comes to contract law.
5. Insurance Laws
Insurance is very important when it comes to businesses and homes. They’re doubly important when it comes to commercial property. Having this type of insurance will cover the property and incidents that may occur on your property, but most of it is not going to protect a tenant of their property. They’ll need to have insurance of their own to help cover them in certain states. A lawyer is going to be huge on this one because you really need someone who is familiar with the variables and concerns when it comes to insurance law, especially when it comes to buildings and real estate.
When it comes to being a real estate owner, there can seem like there’s no end to what you have to deal with. Unfortunately, this can sometimes include the law. Laws come into play when it comes to real estate all of the time. Occasionally you may be able to navigate a problem on your own, but sometimes seeking legal advice is the best thing you can do. With so much invested already as a potential or established owner, don’t leave things up to gray area– seek advice from established attorneys today.