Commercial property lawyers in Auckland

Useful Advice For Commercial Property Investment

When it comes to investing in property and commercial leases, you can make it or break it in just one wrong move. You might think you know about commercial property investing because you own a flat or other rental home but there are huge differences. The best way to understand the differences and how they will affect you is to talk to commercial property lawyers in Auckland to gain a solid background before you commit any expensive errors.

Paul Callaghan
Paul Callaghan

If you are new to the commercial property market, then you will want to learn more about it and also have a team of professionals working with you. Even seasoned professional investors with experience with investing in commercial real estate will hire expert services to work for them. Some of the professionals you will want to hire include real estate agents, lawyers, a property manager and an accountant. However, the most important aspect of investing is the legal side because contracts and leases can be complicated and confusing. They are also binding so you must be clear about what you are committing yourself to. Therefore it is essential that you have a top commercial property lawyer in your team. Professionals can help you understand various issues surrounding investing in commercial real estate and a good attorney can help you minimize your risk.

While residential investment does have some room for error since the figures are relatively small, with commercial property the numbers are much bigger. One of the worse things that can happen is one of your tenants will not pay their rent and this can result in you losing out some money. This may be painful, but the chances are it won’t have a fatal impact on your finances. However, when things go wrong with commercial property, then things can become very expensive since there tends to be a lot more money involved with commercial real estate.

Another difference is that there are lease agreements with tenants that will be more onerous than for a person who is renting residential property. You need to understand these or at least have a good commercial property lawyer who can take care of that aspect for you. However, there are some tips and advice that you can take into consideration which will be discussed throughout the rest of this article.

Another important aspect of investing is figuring out what you want to use the property for. You might be interested in using the property as a retail store or you might want to run your own business on the property. Take the time to figure this out because once you know what you want the property for you will be able to make more sensible decisions.

Before you buy any property, come up with a plan for the long-run because this is important to keep the building functional. Presumably the property you are going to buy will be in good condition, but consider the types of repairs that will need to be done in the future. Some aspects of the maintenance will be the tenant’s responsibility but others, especially the larger ones might be yours. Imagine the cost of replacing a roof on a large warehouse. When you speak with your lawyer, they will try to include these things in the contract between you and your tenants. Normally, a tenant is responsible for maintenance, but if something such as the roof collapsing occurs, then you would be responsible because you are the owner of the building.

Consider your financial forecasts too before you go and spend a lot of money and invest in commercial real estate. This means you should speak with your accountant and tell them your projections. They will provide you with tips and advice and also the tax liabilities that you will have.

You need to research the physical area you are going to buy property in. When it comes to investing in commercial property, some areas are far better than other areas. Take time to perform your own research on various areas or talk to a local commercial real estate agent.

Ideally, you should invest in an area that is dynamic and shows promise, as well as an area that is suited for the type of property you want to invest in. Parking is something to consider too because many tenants want plenty of parking for their employees, so make sure you know where people can park before you buy a piece of commercial property. You might not get more money for having extra parking spaces, but if you don’t have sufficient parking, then you will find it more difficult to get tenants willing to pay a suitable rent.

You might be thinking that commercial property investing and leases is a huge challenge, but don’t allow yourself to be scared to invest in commercial real estate. At the beginning, things may seem difficult and hard to do, but investing in commercial real estate is rewarding. The above tips should help you get a grip on commercial real estate, and you should have a good idea of what you will be getting yourself into.

The very first thing you should do is contact a commercial property lawyer in Auckland that specialises in this field. They can provide you with useful advice which could save you thousands of dollars down the track. Just make sure you ask them good questions because they will do their best to answer them and you will have more confidence to move forward and invest in commercial real estate.

To get an insight into investing in Auckland commercial property, there is a team of well qualified specialist at McVeagh Fleming, lawyers in Auckland. You can get more details from their website.

A North Shore Commercial Lawyer and How They can Help You

How Can A Commercial Lawyer Help Your Business

Commercial lawyer in North Shore
Commercial lawyer in North Shore

Business owners have to know and apply the law in all their transactions, partnerships and contracts. Not knowing the legal requirements doesn’t make you innocent, should you get sued by one of your partners or clients. This is why you have to make sure you apply the law in everything you do. Nonetheless, knowing all legal details of all transactions can be impossible, as laws can change quite frequently. The role of a commercial lawyer is to draft and review all agreements and business transactions in order to make sure they are in line with the legal requirements of the moment. A business may decide to have in-house commercial lawyers or to outsource these services by hiring a law firm.

Commercial lawyers spend a lot of time researching, drafting and reviewing business documents. They need to identify all rules that must be followed and all conflicts that might arise. This activity requires many hours of study, as these attorneys might need to examine a lot of international and local laws in order to be able to determine such rules and potential conflicts.

The main point of using the services of a commercial lawyer is to prevent the need for going to court to resolve disputes. Well drafted contracts, leases and other legal documents set out the conditions and fees for all transactions so that each party should be clear on their obligations. Difficulties arise when one party does not adhere to the agreements between the two parties.

Commercial lawyers in fact rarely appear in court since their work is predominantly desk-based centred around contracts, lease agreements, shareholder agreements and terms of trade among other documents. If there is a disagreement then they will work with the other party’s lawyers to try to come to a suitable arrangement. It is only if this breaks-down that people have to go to court to get a resolution,

Some business owners think they are safe, as they don’t give their partners or clients any reason to be unhappy. Nonetheless, this is a wrong way of thinking. You need to play it safe at all times, otherwise you might need to pay huge legal fees once you have to defend your case. Generally speaking, the fees of a commercial lawyer represent only a fraction of what you may need to pay to a lawyer to get you out of trouble once it’s happened. It is always wiser to prevent such situations occurring than allow them to come to pass.

If you run a business, you should consider hiring the services of a commercial lawyer. You may already have your agreement drafts and various business documents you use in your daily work, but how can you tell they are good? By hiring a legal professional to assess and edit these documents, you can gain the peace of mind that you are going to be on the safe side and will be able to either enforce them or be able to defend yourself

If your business is small, you should probably outsource such legal services. Hiring an in-house business lawyer could be too expensive for you, as you’d have to pay this individual each and every month, regardless their activity. On the other hand, if you hire a law firm to check or develop your business documents, you are only going to pay for what you use. If they work 10 hours, you are only going to be charged the fee for this time and nothing more.

Either way, each and every business should use a commercial lawyer to make sure they minimise the risk of either losing a case or not being able to enforce your own position.

McVeagh Fleming is a firm of commercial lawyers on the North Shore of Auckland.