Commercial real estate transactions can involve potential risks. Understanding common legal issues when buying, selling, or leasing commercial property in Tampa can save you time and money.
Complications can arise at any stage of the transaction and can involve more than just legal issues; they can also involve financial, logistical, and regulatory. In these sections, we will discuss potential legal pitfalls to avoid and ensure a seamless process.
Inadequate due diligence
Failing to investigate the property adequately can lead to unforeseen complications and liabilities. Thus, it is necessary to conduct due diligence, which typically includes reviewing the following:
- Property title: Ensure the title is clear and free of liens or encumbrances.
- Zoning laws: Verify that the property conforms with zoning regulations and that the intended use is permitted. Tampa’s zoning codes can be intricate, and non-compliance can result in costly legal disputes.
- Environmental assessments: You should also conduct such assessments to identify any potential contamination issues.
Following Chapter 83 of the Florida laws regarding landlord-tenant rules can help avoid legal problems later. It is also important to get any required permits and approvals from local authorities.
Poorly drafted contracts
A poorly drafted contract can cause misunderstandings due to unclear terms and conditions, leading to different interpretations by the parties involved, which may cause disputes. Working with an experienced attorney to ensure that all contracts are comprehensive and legally sound can be the answer to your concerns and address any potential issue in a timely manner.
Establishing clear terms and conditions, dispute resolution mechanisms, and ensuring the contract complies with Florida laws and regulations are crucial steps to take. An attorney must draft carefully lease agreements to include provisions for rent increases, maintenance responsibilities, and termination conditions.
Thorough due diligence and well-drafted, compliant contracts can mitigate risks and avoid legal pitfalls. Consulting with a business lawyer can help you navigate complex transactions and safeguard your investment.
