Navigating Commercial Real Estate with MBLAW
Commercial property transactions often pose a greater complexity than their residential counterparts, making expert guidance indispensable. Whether it’s a unit in a commercial condominium complex, an industrial plaza, or a multi-plex residential property, the intricacies involved in these transactions can be daunting.
Purchasing commercial real estate often serves the dual purposes of housing business activities and offering a lucrative investment opportunity. However, these purchases require an in-depth understanding of leasing, real estate financing, acquisitions, and divestitures, amongst other key aspects.
At MBLAW, our seasoned commercial real estate lawyers are adept at navigating this intricate field. Our team possesses the essential expertise and experience, allowing us to close deals effectively, efficiently, and with our client’s best interests at the forefront. Let us guide you on your commercial property journey, providing you with the legal counsel and peace of mind you need to succeed.
Understanding the Types of Commercial Property Transactions
Entering the realm of commercial real estate involves navigating a variety of transaction types, each presenting its unique complexities. At MBLAW, our team of accomplished commercial real estate lawyers has represented banks, landlords, tenants, and franchisors in an array of commercial property transactions, from shopping plazas and mixed-use properties to industrial, office, and commercial condominiums.
Embarking on the purchase or sale of a commercial property involves more than a simple transaction; it requires expert negotiation of terms and conditions. At MBLAW, we provide comprehensive assistance throughout the process, ensuring you fully comprehend each facet of your agreement of purchase and sale in Ontario.
Refinancing a mortgage secured against commercial property can open up opportunities for raising capital or saving for the business, and even facilitate the purchase of a new commercial property. We work closely with both borrowers and lenders, striving to offer the most beneficial refinancing options to meet your financial goals.
Lease agreements demand an astute understanding of both landlord and tenant rights and responsibilities. Our team is here to negotiate favorable terms for your lease agreements. We don’t just draft and review the agreement with you; we strive to pre-empt potential issues down the line, ensuring a smoother leasing experience.
When businesses collaborate, a Joint Venture Agreement becomes paramount in outlining and protecting each party’s rights and obligations. We excel in drafting, advising, and negotiating such agreements, always aiming for the most favorable terms for our clients. Trust MBLAW to ensure your joint venture is founded on a solid legal footing.
Commercial Purchase: A Step-by-Step Guide
At MBLAW, we are dedicated to guiding you through every step of the commercial property purchase process. Remember, it’s vital to review your agreement with us before signing. We are here to discuss points of consideration with you to minimize your risk and clarify any unclear aspects of the document.
01.
Initial Contact
Begin by completing our online contact form, providing detailed information about your requirements. Your detailed description helps us to understand your needs and how we can assist you most effectively in the commercial property purchase journey.
02.
Assessment and Confirmation
Once we receive your inquiry, a member of our team will carefully review it. We’ll then reach out to you to confirm our availability to meet your specified timelines and discuss how we can best undertake your file. This step ensures that we are the right fit for your needs.
03.
Retainer Confirmation and Initial Meeting
After establishing a retainer agreement, our lawyer will set up an initial meeting with you. This discussion allows us to gain deeper insight into your specific needs and expectations. It’s an opportunity for us to clarify any concerns, answer your queries, and outline the next steps in the process.
04.
Document Review and Signing
The final step involves scheduling subsequent meetings to review the final draft documents. Our lawyer will guide you through each document, ensuring you understand all the terms and conditions. Once you are satisfied with the final draft, you will sign the documents, finalizing the commercial property purchase process. Our commitment is to make this process as seamless and clear as possible, providing you with confidence every step of the way.
Commercial Purchase: Frequently Asked Questions
The term “commercial real estate” typically refers to any non-residential property used exclusively for business operations. However, it can also extend to multi-unit residential complexes with four or more units. Engaging with commercial real estate might involve leasing an office space, erecting a warehouse, or buying and selling a real estate property. Commercial properties can range from a unit on the ground floor of a condo complex or a plaza to an industrial property like a factory or an agricultural asset like a farm.
Undertaking due diligence is a critical step in any real estate transaction, but it becomes especially important in the case of commercial real estate. Environmental due diligence focuses on potential property issues related to hazardous materials, wetlands, endangered species, critical habitats, cultural resources, or regulatory compliance. Certain lenders may insist on an environmental site assessment (Phase I ESA or Phase II ESA), and there could be strong reasons for obtaining one, especially when purchasing properties like service stations, dry cleaners, auto repair shops or manufacturing facilities.
In some cases, a residential property may be converted into a commercial property, but it typically requires zoning changes and must comply with local building codes and regulations. This process can be complex and time-consuming, and it is advised to seek legal counsel and check with the local municipality or zoning authority.
Risks in commercial real estate transactions can include zoning and land use issues, environmental concerns, structural problems with the property, lease and tenant issues, title defects, financial risk, and market risk. It’s important to work with experienced professionals, including a lawyer, to navigate these risks.