Our team of Tampa lawyers agree that commercial real estate law is no laughing matter. There are laws starting from the federal level, the state level, all the way down to regulations at the local level. On top of that, there is property law, insurance law, and contract law mixed in with commercial Tampa realtor. We have a team of Tampa lawyers that want to help ensure that you receive the best professional help. We put together 5 areas of law that every commercial real estate owner needs to be aware of and how important it is to have legal help.
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Landlord/Tenant laws differ vastly by state. However, they are usually geared towards protecting the rights of both parties in any rental or leasing agreement. These laws define the relationship between the commercial property owner and the lessee. It is important to understand the laws within your state and local government. This will ensure you don’t violate your tenant’s rights but also to help you learn about your own rights as the owner.
- Disclosure Laws
Disclosure laws also vary state by state. They deal with the condition, location, and restrictions on the property itself. These laws require that the property owners disclose information to the renters. For example this could be about the presence of asbestos. Renters have the right to know what they are getting into.
- Zoning and Land Use Laws
Zoning and land use regulations fall under local or state governments. They also decide how to enforce said regulations. Zoning regulations decide the property’s use. Rezoning can also become a headache because they must go through a local board. They can then even become further complicated depending on local law. Doing your due diligence and understanding your local regulations will save you costly and time consuming problems. You don’t want to rent out to a business and then find out they cannot operate unless you get it rezoned.
- Contract Law
Leases and rental agreements are contracts. They are legally binding and accepted by both parties. They must be very specific in order to be legally effective. An important distinction with commercial real estate is where it falls under. Most contracts in the U.S. are under the Uniform Commercial Code. However, most real estate sales are covered by the Common Law of Contracts, which is very different. Contracts here follow the mirror image rule, which states that the accepting offer must exactly match the offer given. Any changes to the offer constitutes as a counteroffer.
- Insurance Laws
It is always important to protect your property. The insurance you have on your commercial property is why you do this. It will cover you and to some degree your tenant. This is not intended as a replacement for your tenant, as they should have their own business insurance. But you should be aware of local and state insurance laws.
Commercial real estate is a big investment. Therefore, it is important to make sure you seek out professional help before making any major decisions. Check out our blog for more tips and info. Contact Fresh Legal Perspective today by calling (813) 448-1042 and ask about meeting one of our lawyers!