Commercial real estate provides great opportunities, but are not without risk and obligations.
Commercial real estate has unique issues that are distinct from residential property. The forms that are used for these transactions should be carefully considered and understood. Some of the key considerations and language used in a commercial real estate forms are:
- Terms of possession
- Acceleration clauses
- Renewal time lines
- Maintenance of leased premise obligations
- Triple net provisions
- Common Area maintenance obligations
These are just a few of the terms or language used that is commonly found in commercial real estate transaction forms. If you aren’t familiar with these terms, or with the forms that you need, you can have serious consequences.
As a real estate attorney in Denver, I am here to help you understand the implications of specific language that may be inserted into commercial property transaction forms which may cause concern, worry, aggravation, frustration, or even long term financial liability.
Problems, issues and opportunities in commercial real estate come in all shapes and sizes. There are similarities between many, but no two are 100% identical.
Imagine you have located a property that you think is ideal for your new or existing business. A document or contract is presented to you that contains provisions or language that you either don’t understand what it means, or you don’t understand what the implications of the language are, or maybe the the document or contract just doesn’t “feel right” to you. What should you do–go ahead and sign the document and hope for the best? NEVER!
You are obligated to know exactly what is expected of you, and you also have the right to know what to expected from the other parties.
Remember:
- Every signed contract or agreement is binding on all signatories.
- Any term, condition, or provision incorporated into a contract or agreement has long term consequences and obligations.
