The world of commercial real estate is constantly changing and evolving, but when it comes to real estate issues, one thing never changes: the need to be protected by the agreements and contracts that bind them. There are dozens of different types of contracts as they relate to real estate issues and to read all the fine print and be properly protected, companies and individuals alike need reputable legal representation.
Some of the specific areas of real estate issues in which we have extensive expertise in and can assist clients with include:
- Boundary line agreements
- Contracts (including options, earnest money, escrow agreements financial agreements, and construction and development contracts)
- Due diligence
- Leases and lease agreements
- Partition agreements and disputes
- Property easements
- Titles (including title research and disputes)
- Transactional (including deeds and deeds of trust)
Boundary Line Agreement
An often-overlooked fact about boundary lines is that once a commercial property is purchased, a dispute in boundary lines becomes a problem specifically for the owner and can lead to a long and expensive legal battle. A better business decision would dictate that a buyer should ask for the help of an experienced attorney to examine the title commitment and survey of a property before it is purchased.
Our attorneys can assist by drafting a legally binding boundary line agreement to settle disputes before the purchase of a commercial real estate property is made. In addition to ensuring the client is getting the best deal possible, this move could also potentially save a buyer thousands of dollars in legal costs post sale.
Real Estate Contracts
Business real estate operations frequently require legal contracts which our attorneys are familiar with, including:
This type of contract is for buyers who want an exclusive right to buy a specific piece of real estate. A properly written contract establishes a predetermined purchase price valid only for a limited period of time.
Earnest Money Contracts (also called “1-to-4 Contracts”):
This type of contract typically goes into place when a buyer agrees to pay a partial amount of a real estate property’s sale price to be held until the sale is official. An attorney can ensure an earnest money contract is in the best interest of a client.
Escrow Agreement Contracts:
An escrow agreement should be a legally binding contract that identifies specific terms and conditions between all parties involved in the sale of real estate property. Clients should not sign a contract until it has been properly reviewed by an experienced attorney.
This kind of contract is essential to ensuring that the responsibilities and duties all involved parties have agreed to are protected should some of those responsibilities and duties detailed in the contract not be met.
A development agreement or contract should be in place if a commercial real estate owner wants a property to be further developed or have construction done.
Commercial real estate deals typically involve large amounts of money which makes the process of due diligence mandatory. Our attorneys can assist clients with reviewing real estate contracts, financials, inspections, titles, and insurance. Our job is to make sure a client’s investment makes good business sense and is as well protected as possible.
Leases and Lease Agreements
Leasing and lease agreements come with the territory when it comes to commercial real estate, but they tend to be far more complex than that of leasing a home. There are three main types of commercial real estate leases:
- Full Service or Gross Lease
- Modified Net or Modified Gross Lease
- Net Lease
Each type of lease can have different implications for both the owner and tenant. Our attorneys have a strong background in commercial real estate and understand the nuances of a well-drawn lease or lease agreement that protects a client’s best interests.
Partition Agreements and Disputes
If a purchased piece of real estate has more than one person’s interest, it can result in a partition dispute or agreement. A partition agreement or dispute can come into play when a party is seeking to divide one estate into two. Enlisting the help of attorney for this type of agreement is critical to make sure a client’s rights are protected during disputes or the drafting of any agreement.
A property easement lets the holder of that easement use a property they do not own for a very specific and typically limited purpose. An easement does not equal occupation of a property. A property easement agreement may allow for someone other than the owner of the property to use it for a restricted amount of time. An example of this could be if a utility company must work on owned land to facilitate the provision of utilities.
The most common types of property easements associated with commercial real estate are:
- Easement by condemnation
- Easement by necessity
- Easement by prescription
- Party easement
Regardless of which type of property easement you require, our attorneys have experience in this area and can ensure that your rights are protected.
Real Estate Titles
Titles dictate the ownership or a set of rights to a piece of real estate property. It is not uncommon for companies to ask an attorney to help with title research and title disputes.
Particularly in the event of a title dispute, title research may also be required. Our attorneys can assist with a thorough search of public records to help build an evidence-based case for a client’s property ownership.
Our offices are very familiar with handling real estate issues of title and have working relationships with many title companies across Texas.
When it comes to commercial real estate transactions, a property deed can transfer ownership of real property such as land or the buildings and roads on it. A property deed is a legally binding document so before signing on the dotted line, it is an excellent idea to have an attorney review the terms.
If a deed of trust, or an agreement between a borrower and lender to give a property to an unbiased third party which can act as a trustee until the property can be paid off, is something you are facing, our attorneys can help.
No commercial real estate contract or agreement is just a piece of paper. They are legally binding and should be entered into with maximum preparedness and understanding. Don’t let real estate issues sabotage your commercial real estate transactions. Call Harold “Hap” May, P.C. Attorneys at Law today to see how we can help.