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Navigating any matter of commercial real estate will require careful negotiation and knowledge of local regulatory requirements. Hiring an experienced and capable law firm can help ensure your business’s interests will be protected throughout the process.
Our Chicago real estate transactions lawyers at Regas & Dallas, P.C. have over a century of combined legal experience and can assist you with purchases, sales, and leases of commercial property. We are extensively familiar with the Chicago and Illinois real estate regulatory landscape and can advise on numerous types of zoning and land use issues in these and other areas. Whether you are looking to sell a piece of commercial real estate, lease a new branch office, or overcome a zoning issue, our team of dedicated legal professionals can identify and implement strategic and cost-efficient solutions you can depend on.
Put decades of legal experience on your side. If you need assistance with a commercial real estate transaction, call (312) 702-1809 or contact us online to schedule a complimentary initial consultation.
Purchases, Sales, and Leases of Commercial Property
Acquiring or leasing any commercial space represents a major investment and, in most cases, a multi-year commitment. Legal agreements defining the transaction must be exhaustively negotiated and reviewed to plan for all contingencies and scenarios.
Our accomplished team can help you negotiate all elements of a commercial lease or purchase agreement. We can help your business avoid common errors and omissions and ensure your new space will meet your operational needs.
Our Chicago real estate transaction attorneys can help you address:
- Utility Expenses and Maintenance. If you are negotiating a lease, you will need to make explicitly clear who is responsible for what expenses, including electricity, water, gas, sewage, and garbage. This is especially true if your business requires a substantial amount of electricity or water to operate. You will also need to establish who will manage maintenance costs and repairs and a timeline for addressing critical issues. We can proactively negotiate these elements before a lease is signed.
- Personal Liability. Some commercial leases and purchase agreements will include provisions that require businessowners to accept personal liability if their companies default or dissolve. We can work to remove these clauses from commercial leases and purchase agreements or, if removal is not possible, negotiate to reduce your personal exposure as much as possible.
- Modification Rights. If your business hopes to paint surfaces, change the flooring, knock down walls, partition new rooms, or make any other major modifications, you must ensure you negotiate and protect your right to do so at the contractual stage. Our team can work with you to understand your intentions and needs for the space and ensure any lease allows for these anticipated changes.
- Transfer Structures, Subletting, and Extensions. Your commercial lease should prepare for many contingencies, including the possibility that you need to leave the space. One possible solution is subletting to another tenant, but this practice generally needs to be approved in advance before a lease is assigned. We can negotiate transfer structures that will determine what happens should you need to depart before your lease term has concluded. Our team can also advocate for favorable extension terms or even an option to purchase should you be pleased with the space and wish to continue operations there.
- Non-disturbance Clauses. You should always take proactive steps to protect the continuity of your business’s operations. If you are on a commercial lease and your landlord fails to make mortgage payments, for example, your business can still potentially be evicted. By including a non-disturbance clause, your business can remain on the property under the same contractual terms, regardless of the new building owner.
- Holdover Rent. If you do decide to move on from one commercial lease to another or choose to make a more permanent purchase investment in a new property, you will need to contend with a costly and complex move from your current space. Most commercial leases will have provisions stipulating the premium charge for “holdover rent,” or any time spent in the building after the lease has formally expired. While businesses are typically not able to eliminate holdover rent clauses entirely, we can often negotiate to substantially reduce the premium rate.
Land Use and Zoning Disputes
Each municipality has its own land use and zoning rules and procedures that can be difficult to navigate when contemplating a real estate purchase, sale, or lease. In many cases, zoning restrictions will be highly specific and subject to considerable scrutiny by local regulatory authorities. Improper building classifications, land-use rules, and nuisance laws can imperil your business’s ability to fully utilize a piece of real estate.
Our team at Regas & Dallas, P.C. understands the intricacies of Chicago land use and zoning requirements. We also know too much is at stake for your business to become entangled in zoning bureaucracy. Our firm can walk you through the relevant zoning and land-use restrictions that impact a particular property and walk you through options for overcoming any regulatory obstacles.
When you are faced with any type of land use or zoning conflict, we will do everything in our power to deliver a swift and favorable resolution. We can work to efficiently secure any necessary variances, special exceptions, subdivisions, and consolidations and represent you in hearings before local zoning authorities.
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