Investing in commercial real estate can be lucrative, but it comes with legal complexities. Here are key legal factors to consider before purchasing commercial property in New York.
Before purchasing, verify that the property’s zoning allows for your intended use. New York has strict zoning laws that can impact development plans.
Conduct a thorough title search to uncover liens, easements, or ownership disputes. Additionally, review environmental assessments to avoid liability for contamination issues.
If purchasing a property with existing tenants, review lease agreements to understand obligations and potential legal disputes. New York has strong tenant protections that may impact your investment.
Commercial real estate transactions involve complex financing arrangements. Ensure loan agreements are clear and that you comply with all lending requirements before closing.
Consulting a real estate attorney can help you navigate these legal considerations and protect your investment.
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