Commercial and residential property laws are not as such the same. For starters, there are a lot more formalities to fulfill with a commercial property, as compared to a residential real estate investment.
And the worst part is many commercial real estate owners don’t really know about all the laws.
Well, of course, it is not feasible also to be aware of all the laws, unless you’re a property tax attorney yourself. Yet, having a ballpark estimate of what you can do to safeguard your office space against legal troubles does no harm.
Check out the following list of 5 property laws for commercial real estate owners for more information.
Ownership/Tenancy Laws
For commercial property owners,, local and state authorities have a set of guidelines they need to follow. Mostly, these guidelines govern environmental and safety issues.
On the other hand, for tenants, there are other guidelines set by the landlord, apart from the ones set by the government agencies. It is better to have all the limitations and permissions mentioned carefully in the rental agreement.
A noteworthy point here is that there are tax laws applicable to all, regardless of the type of ownership. As the experts at https://www.mrod.law/ put it, tax laws differ from state to state, and it is better to consult with an attorney before getting into tax laws. These laws can be pretty messy and unfamiliar for you to begin with.
Property Usage Laws
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Sometimes, these laws are also referred to as zoning laws, for the reason, there may be differences in restrictions and permissions between different zones.
Leasure/Contractual Laws
To protect your business from losing it’s ownership or usage rights, leases and contracts are framed. These are not at all new, but there are certain aspects of these laws, that you might not know.
For example, the verbiage to be used while framing a lease order should be rigid enough to stand up to any internal or external dispute.
Usually, the terms of the contract are laid by one or the other party involved, but accepted by both the parties, mutually.
Disclosure Laws
Another set of laws that vary from state to state is ‘disclosure laws’. Usually, these laws are put in place to prevent any exploitation of the landlord or the tenant.
For instance, the property owner would need to disclose any or/and all the disputes, structural issues, and more to the tenant before renting. This is to let the tenant know what they may be getting into.
If you haven’t received any such information from your landlord, then you should ask them for the same. It is mandatory by law and your fundamental right to know.
Insurance Laws
Last but not least, there are insurance laws surrounding commercial properties.
In most cases, it is the owner that needs to get the property insured against any natural or unnatural damage. But, if your contract or your lease lets you buy insurance for your property then it is better to explore the types of insurance available in the market.
Regardless, having insurance is a prerequisite for your business property. And it’s not only meant to save your business against legal troubles but also to protect it against unexpected expenses.
Complying with the laws around your commercial space is one of the basic necessities your business needs to comply with.
