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Commercial Real Estate Services
New Jersey and New York Commercial Real Estate Law Firm
Buying or Selling Commercial or Investment Property – Unlike residential real estate, purchasing or selling commercial property involves more complicated contracts, significant due diligence, potential environmental issues, bulk sale filing requirements, and the like. It is not the kind of transaction that could, as many home purchasers are doing, be handled by a title company and their closing people.
There are no standard contracts, attorney review periods, or statutory protections afforded to commercial buyers. Acquiring a commercial real estate attorney can help save you from thousands of dollars in unexpected liabilities. We can help.
Commercial Real Estate Lawyer
Below are the practice areas we specialize in
Commercial Real Estate
Buying or Selling Commercial or Investment Property – Unlike residential real estate, purchasing or selling commercial property involves more complicated contracts, significant due diligence, potential environmental issues, bulk sale filing requirements, and the like. It is not the kind of transaction that could, as many home purchasers are doing, be handled by a title company and their closing people.
There are no standard contracts, attorney review periods, or statutory protections afforded to commercial buyers. Acquiring a commercial real estate attorney can help save you from thousands of dollars in unexpected liabilities.Local Land Use
In both residential and commercial real estate situations, you may need permission and approval from the local municipality for many things you might want to change on your property. For commercial situations, you may need approvals for signage, parking, and renovations. For your home, you might need approvals for additions, installations of whole house generators, and even installation or replacement of fencing.
Applications might require drawings sealed by an architect, payment of fees and escrows (to be used to pay outside engineers), and proper notice given to area homeowners, utilities, and (depending on your location) county administrators. A notice must be written with all required information and published in local newspapers as directed by the municipality. While you are allowed to file and appear on your own behalf, the process is more likely to proceed smoothly using a professional with experience.Property Tax Issues
No one likes paying their property taxes and, very often, property owners believe their taxes are too high. Just because your neighbor pays less in taxes than you do (or at least you are under that impression), does not mean your taxes are too high. And municipalities are given certain “margins” of error (15% less than or greater than the assessed value) that may result in losing your appeal or even increasing your taxes! Some rough calculations can determine whether or not you should file an appeal. Rules are similar between residential and commercial properties and often towns will agree to compromises without going to court.
Title Issues
When buying or selling property, or even outside transactional situations, title issues come up. Misfiled or non-discharged (but paid off) mortgages might show in the county records or surveys could reveal problems with property lines, setbacks or even encroachments. And these issues can be costly to correct without skilled representation.
How Can We Help You with Your Commercial Real Estate Purchase?
Commercial Real Estate Services
When it comes to leasing commercial space, such as a retail store, warehouse or other facility, you should employ an attorney who has reviewed and drafted hundreds of leases pointing out issues that only comes with experience.
Or perhaps you want to purchase your own commercial building? You need skilled counsel to help you through all the zoning, environmental and other due diligence issues that must fall into place for you to be comfortable with completing the transaction. You don't want to inherit other people's problems.
Shared General Counsel
Most small business owners cannot afford (nor does it make financial sense) to hire their own general counsel, devoted exclusively to their company. But legal issues come up fairly regularly and advice about the law is always needed. Hiring attorneys on an “ad hoc” basis does not allow counsel to have a real understanding of the structure of your company, history of dealings, agreements in place, employees, etc… And it always costs more (and sometimes gets you worse results) for the ad hoc lawyer to spend time going through your situation. The term “fractional” general counsel applies to a lawyer who, for a flat monthly fee, interacts and understands your business dealings on a regular basis. Generally, this results in less cost and minimizes any “emergency” legal issues.
Hire our general legal counsel for your business and your family for a flat monthly fee. Click below to learn more about our retainer services, along with their respective monthly fees.
Why Work with Our Law Firm?
With almost 30 years of experience drafting thousand of documents and handling hundreds of transactions, we have knowledge and expertise that would take you a lifetime to develop. So if you’re a small business owner, professional or executive, you’ve come to the right place. We are also proud to be recognized by our industry colleagues.
What Our Clients Say
Commercial Real Estate Document Automation FAQ'S
What makes commercial real estate so different from residential real estate?Unlike residential real estate which is usually based on a standard contract and most charges at a fixed rate, commercial real estate is based on a contract negotiated between the parties. The contract often includes a “due diligence” period whereby the commercial purchaser will conduct environmental testing, lein searches, view property financial records and arrange for in-depth inspections of the various systems at the property. One might also look at tenant records and check with the municipality to see if all local ordinances have been followed. Attorneys charge hourly for this work which might include obtaining approvals from local planning or zoning boards.
What is a commercial real estate cap rate?
The Capitalization Rate (also known as cap rate) is used in the world of commercial real estate to indicate the rate of return that is expected to be generated on a real estate investment property. This measure is computed based on the net income which the property is expected to generate and is calculated by dividing net operating income by property asset value and is expressed as a percentage. It is used to estimate the investor's potential return on their investment in the real estate market.
What is CAM?
Charges billed to tenants such as tax, insurance, and common area maintenance are known as CAM charges. In a triple net lease, the tenant pays all CAM charges along with real estate taxes leaving no costs and expenses for the Landlord to pay. All of these charges and the responsibility of tenants will be detailed in a written commercial lease.
What are tenant improvements and who pays for them?
Tenant improvements (TI) are going to be improvements requested by the user of the property. This will in most cases require permitting, plans and construction. The tenant improvements are usually paid for by the tenant, however in some circumstances the landlord will credit some of the cost for the improvements. This is usually a point of negotiation.
How does a tenant question charges from the landlord?
It is important that you hire a reputable attorney to make sure there are provisions to question and “true up” the charges that you may be responsible for. You should be able to make sure the snow plowing bill, landscaping or other charges are correct, but you can only do so if there are provisions for this in your lease. This is commonly (and conveniently) left out of leases provided by landlords.
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Schedule a free initial consultation today with our experienced Business & Estate lawyers at Beinhaker Law.
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