If you’re looking to lease or purchase real estate, it can be a little overwhelming to know what needs to be done and whom you should hire. You may even think of yourself as a do-it-yourselfer who can handle the entire transaction on your own. But we highly recommend that you at least consult with an Experienced Commercial Property Lawyers Auckland before entering into any contract for lease or sale of real estate.
Conduct real estate due diligence
You need to do a lot of research before you buy any commercial property. The first step is to conduct due diligence – the process of investigating a potential investment. Due diligence ensures that the investment is sound and will be profitable, while also ensuring that it’s not fraudulent and illegal.
- What kind of company are they?
- How long have they been in business?
- Who are their customers? Do these customers fit with your target market?
- What do their financial statements look like? Do they have any outstanding debts or lawsuits against them right now?
Review and negotiate all terms of the lease
- Review and negotiate all terms of the lease:
- The commercial property lawyer will review the lease document with you and negotiate it to get a favourable outcome. The lawyer will advise you on whether the proposed lease is reasonable or not, given your business income, investment in equipment etc. The lawyer will also negotiate with landlords over issues like term, rent adjustments and other conditions of the lease agreement.
Prepare the lease document
The lease document is the legal contract between you (the tenant) and your landlord. This should include all terms and conditions of your lease, as well as any options for renewal or termination. It’s important that the lease document be drafted in a way that is fair to both parties.
The most common type of commercial property lawyer will draft up this legal document for you, but it’s always worth consulting with one beforehand to make sure everything is covered.
Maintain ongoing communication with all parties involved
- Make sure everyone is on the same page.
- Make sure everyone is aware of any changes.
- Make sure all parties are aware of their responsibilities, rights, and obligations.
If you are looking to buy or sell a commercial property, you need to hire a commercial property lawyer. Commercial property lawyers help you take care of all legal aspects of a transaction. They can advise on issues like zoning and building codes and help you ensure that your purchase is safe from challenges at the city council level.
They can also negotiate leases for tenants, which will help keep them in good standing with their landlord while keeping your business protected from premature eviction notices due to non-payment or bad behaviour.
We hope this post has helped you understand the role that Commercial Property Lawyers Auckland play in helping businesses with their commercial property transactions. If you’re looking to start a business or expand your existing one, it’s important to have legal representation during the process. A commercial real estate lawyer can help you navigate what can be a complicated maze of laws and regulations.