BIG STEPS IN BUSINESS
Leasing business space or acquiring your own property to house your business, regardless of whether you deal in service, sales, manufacturing, or another industry, can save your company millions. But don’t start down this road without consulting an experienced real estate lawyer from Freeman Lovell.
Freeman Lovell, based in Salt Lake City, helps entrepreneurs in Utah and across the U.S. acquire or lease their own properties as a means to grow as well as have more control over their business.
Our Property Lawyers Protect Your Interests
Our real estate attorneys work alongside your team to help determine what the best deal is for you by considering all the relevant factors.
Due diligence when acquiring property can be lengthy and complex. There is much to consider, not the least of which is the purchase price, condition of the property and the investment you’ll have to put into building it out to suit your specifications.
But it isn’t just your specifications you need to worry about. You must be sure the zoning laws in the area in which you want to buy or lease allow for the type of use you intend. Further, the entitlement process, in which you will need to specifically outline how the property will be developed, can be hopelessly complicated for the uninitiated, rife with impact studies, risk assessments, and input from community members.
If you’re not well-versed in real estate acquisitions and leasing, you’re in danger of making a misstep during this stage of the process, and that can cost you dearly. It’s best to get the advice of an expert real estate lawyer who can walk you through the steps of due diligence, zoning, and entitlements as well as real estate secured lending transactions.
MINIMIZE RISK: USE A REAL ESTATE ATTORNEY
Some clients specifically seek larger properties with the intention of leasing out portions to other businesses. Sourcing methods of generating passive income can improve your bottom line.
But here too, minimizing your real estate risk is critical. You must protect yourself against tenants who fail to pay rent, or those who may bring about lawsuits related to your building. Our property lawyers can help you with leases, contracts and more.
After a period of time, if you are working to grow your business, you can opt to cease leasing to others and reserve your space for only your own company.
These calculations can be complex, as they include not just concrete factors such as utility bills and property depreciation, but also more nebulous considerations such as the level of risk involved.
next steps with a real estate attorney
You may think the job is done when you have found the right building for your business, but our property attorneys know that in fact, it has just begun.
And it’s not just the price that’s important, it’s also using best practices for minimizing the taxes on the sale, due diligence support, real estate secured lending transactions, entitlements, zoning, and more.
The real estate attorneys at Freeman Lovell, based in Salt Lake City, are here to assist you with your real estate acquisition or representing your businesses as tenants in negotiating leases with landlords. Contact us today.