As you buy or invest in commercial property, an abundance of complex laws can make an already complicated process much more intense. Fortunately, an attorney will help you make sense of the various ways the law applies to your transaction. Below, the real estate attorneys at The Law Offices of Conti & Levy in Torrington, Connecticut, discuss three commercial property laws sellers and investors should be aware of.
3 Commercial Property Laws for Sellers & Investors to Know
1. Zoning Laws
Zoning laws are usually determined at both state and local levels. These parameters detail how specific properties must be built and for what purposes they can be utilized. Commercial properties are required to follow all zoning regulations and guidelines, and understanding these rules will ensure your purchase or investment is lawful and your business meets the terms laid out by local zoning boards.
2. Disclosure Laws
Disclosure laws aim to protect all parties involved in a real estate transaction. These laws, which vary from state to state, generally compel property owners to release information that buyers and tenants have a right to know. For example, if toxic substances like lead-based paint were used in the construction of the property, buyers or tenants have a right to this information, and disclosure laws define its lawful release.
3. Landlord & Tenant Laws
If the property you're purchasing or investing in is to be used for rental purposes, there are a variety of landlord- and tenant-specific laws you'll need to know. In addition to detailing how leases should be structured, these laws encompass the variety of issues and scenarios that could complicate the landlord-tenant relationship. As a buyer or investor, you want to safeguard your financial commitment and look out for all parties who have a stake in it.
If you are buying or investing in commercial property, it’s imperative you know your rights and responsibilities. The Law Offices of Conti & Levy offer legal representation in a number of practice areas, including real estate law, personal injuries, workers' compensation cases, and other civil litigation matters. Call (860) 482-4451 to set up a free consultation with an attorney, and visit their website for more information about their practice areas.