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Lawyers often beneficial in commercial real estate matters

When an individual or entity decides to purchase commercial real estate for development, the assumption behind such a purchase is usually that it will result in financial profit. While it may turn out that way, there are often hurdles that need to be dealt with along the way.

These issues could arise at any stage in the process beginning with the purchase. Disputes between the buyer and seller could hamper the deal so that it takes longer to complete. Once the purchase is complete problems could arise concerning the development of the property. After the building is constructed, a landlord could face issues with tenants brought in to lease the space.

Some, or all, of these issues could arise in connection with the recent purchase of South Florida property by an investor based in New York. The purchaser of the property indicated that a major renovation is in the works. Once the renovations are complete, the buyer reportedly plans on seeking tenants from the creative industry. The spaces that will likely be available include retail, office and a restaurant space.

The best way to avoid disputes that could arise in the course of developing commercial real estate is to make sure each step is handled correctly the first time. In addition to saving time, such an approach can save money in the long run as well. For most individuals or entities engaged in this type of activity, the best way to do this is to work with a business lawyer who understands the ins and outs of commercial real estate.

Source: South Florida Business Journal, “Wynwood commercial property purchased, renovations planned,” Brian Bandell, Feb. 20, 2014

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