Commercial Real Estate Disputes
The world of commercial real estate is complex. Our Chicago real estate dispute lawyer can help guide you through commercial real estate disputes in Illinois.
Commercial Real Estate Disputes Attorney – Chicago, IL
The world of commercial real estate is complex and sophisticated, involving many subtle nuances in both statutory, regulatory, and municipal requirements and limitations. The opportunities for disagreements to arise are many, and when you find yourself embroiled in a battle over the sale, lease, or even use of commercial real estate you need an experienced commercial real estate litigator.
Contracts and agreements
The transfer of ownership or possession of commercial real estate is governed by various documents including, but not limited to, leasing agreements, purchase agreements, title reports, and so on. Unaware businesses may enter into an agreement intending to use a given piece of property for one thing only to find out that the documents do not permit such a use of the property.
Gentleman Law can help you by ensuring that the documents used in your transaction will fully spell out the appropriate uses of the property. If you are acquiring a piece of property, we can help protect you by being certain that you are getting what you intend to get; if you are selling or leasing a property, we can help protect you by making sure that the documents protect your interests and keep tenants and purchasers from engaging in certain behaviors which can end up harming your business.
The relationship between a landlord and a tenant can be particularly challenging. A landlord has an interest in making sure that the property being rented out is not harmed—which can adversely impact future income streams. A tenant has an interest in making sure that the rental agreement will allow the use of the property for which the tenant wants to lease it. Both sides should employ the assistance of a qualified and experienced commercial real estate attorney.
Purchase and sale agreements
When a business decides it is time to purchase or sell property, there is a lot more involved than many people realize. In addition to negotiating the terms and conditions of the sale, the parties must be sure that the property is properly conveyed—and that the appropriate rights and responsibilities are conveyed as well. Many a purchaser has purchased property only to find out down the road the certain burdens on the land or restrictions on its use passed along with the property. On the other hand, many a seller has sold property only to find itself the target of a lawsuit down the road due to unforeseen complications that the buyer claims were not addressed in the sale.
For these reasons, any business considering purchasing or selling a property should employ an attorney who know the area of law and is well versed in all the complicated nuances involved in conveying a piece of property. We have years of experience in this area and we are more than able to assist you with all your purchasing and selling needs.
Easements, restrictions, covenants, and other burdens
Some people think that once they have purchased a piece of property they can do whatever they wish with it. This is simply not the case, especially in the realm of commercial real estate. When a parcel of land is conveyed from one owner or the next, many times that land will be burdened with certain restrictions on its use or certain rights given to others.
For example, a land may have an easement on it. This means that a third party has the right to access the property for a stated use. Common easements are ingress/egress easements, wherein a third party has the right to cross the land in order to access his or her own property. Other easements include utility easements, right-of-way easements, and others.
Because you need to be certain that the property you are purchasing is one that your business will be able to use without interference from third parties, it is crucial to engage an experienced real estate attorney who can advise you as to the presence of easements and what may be done to address them. At a minimum, if an easement exists, you should be informed about it so you can adjust your offer accordingly.
Other burdens on the land can include covenants or restrictions on its use. Sometimes the original owners of property agree that it can never be used for certain activities or, if it is, certain limitations apply. These burdens can decrease the value of a property to a business. Just as with the presence of easements, the presence of covenants or restrictions on a property is something that should be addressed by an experienced attorney.
The world of commercial real estate is fraught with pitfalls and surprises for those who are not alert to them. Let us help you negotiate your leases, sales, and purchasing agreements. Let us help you be aware of any issues involved with a piece of property you are considering for your business. Contact us today, and let us help protect your interests.
Turn to an experienced Illinois real estate dispute attorney
Gentleman Law has been helping clients with real estate disputes for more than 16 years. Call (312) 741-1039 or contact Gentleman Law online today to discuss your case, free of charge. The office is centrally located in the Loop near Daley Plaza just steps from the Cook County Courthouse and the federal courthouse. Spanish is spoken in the office for your convenience.