Commercial property owners assess their properties from time to time. Of course, that real estate may be evaluated from several different viewpoints. In this article, we will focus on evaluating your Minneapolis commercial real estate for potential legal problems.
General Commercial Property Info
When real estate is used for business purposes, especially with an eye toward turning a profit, it is referred to as commercial property. The basic types of commercial real estate are:
- Multifamily, and
Since the goal is to make money, commercial property owners have to evaluate their properties in certain crucial areas.
When checking out your property, look closely for dangerous situations like unstable structures and environmental hazards. Injuries could lead to fines, penalties, and costly lawsuits. For example, broken sidewalks at an apartment complex could injure residents and visitors.
Look for money in the budget to make cost-effective repairs and upgrades.
While you are at it, double check your insurance policies.
Contracts and Leases
The owners of commercial real estate deal and negotiate agreements with vendors and lessees, among others. Were your contracts and leases drafted by an experienced Minnesota real estate attorney? Has it been years since any form contracts and leases were reviewed?
Weak and unenforceable contracts or leases may irreparably harm your business. Have a lawyer review these critical business documents periodically.
Codes and Laws
Do your commercial properties comply with local, state, and federal codes or laws? If you are not sure, here are some common requirements for commercial property:
Local – Municipalities usually have building codes that must be met. In addition,
State – Many laws govern commercial property, including state landlord/tenant laws. Running afoul of these laws – for example, in a multifamily building – could lead to fines.
Federal – Again, many laws pertaining to real estate exist. One to watch out for is the Americans with Disabilities Act. Commercial properties that do not comply with this law may be sued or penalized.
It’s simply not possible to cover all of the codes and laws that may apply to your commercial property in this article.
The attorneys at Virtus Law are eager to assist you with your commercial real estate questions. Please call us at 612.888.1000 or send us an email at firstname.lastname@example.org. Our main office is in Minneapolis, with other offices located in Maplewood, Cambridge, Edina, Mendota Heights, and Red Wing.