real estate law
Location, location, location! One of the most important, or some say, it is the most important decision a business owner will make that will determine business success. If you are attempting to lease property for a business you want to open, here are some things you need to think about:
- What kind of lease is this?
- Who will be responsible for expenses associated with the property such as taxes, insurance and maintenance if I do lease?
- What are my rights if the property I am leasing goes into foreclosure?
If you decide to buy real estate for investment purposes only, then a decision needs to be made as to how you will hold the real estate ? Here are a few options:
- As an individual
- As an LLC
- As a corporation
Generally speaking, residential loans garner lower interest rates and require lower down payments as opposed to commercial loans. So buying real estate as an individual may seem ideal because it tends to be less expensive to do so. However, there may be lending requirements by a residential lender that prevent a person from essentially utilizing the real estate for investment purposes. Given this, forming an LLC or corporation to purchase real estate is most likely the better option.
You face more choices and decisions when closing on a piece of property. Do I need a survey? What happens if I am unable to obtain a loan? It is the closing attorney's job to guide and advise the buyer through the process and ultimately provide the documents necessary to transfer ownership from the seller to the buyer.
As you can see, the world of real estate can be complex. The attorneys at The Wilmington Business Law Center have the knowledge and expertise to help you make real estate decisions that can result in great business success.
We pride ourselves on our ability to stand with you throughout the hurdles you will face in your business, helping you do what you do best.
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