One of the major hurdles that many businesses have to clear is finding a place to locate their new enterprises. Before they can begin hunting for the warehouses, retail spaces and office buildings in which they will set up shop business owners must make some important decisions about the types of commercial properties that they want to secure. One of the first determinations that they must make is whether they want to rent a commercial property or buy it.
Commercial properties can be found throughout Hennepin County and are suited to a number of uses. Last week’s post discussed some of the zoning categories that properties can fall into and what types of businesses can operate within those categorizations. When business people decide to purchase properties for their enterprises they must engage with property owners to establish purchase terms and conditions. They must settle on a sales price and work out any conditions the old and new owners have regarding transferring title to the new proprietors.
Securing a rental space for a commercial tenant has its own requirements as well. The length of the lease must be established as well as the monthly or periodic charge that the tenants will pay for use of the space. Landlords and tenants may need to work out if the tenants may make modifications to the property or if they are limited in how they may use it for their business purposes. Tenants may also need to work out terms related to subleasing and assigning the commercial rental space if they anticipate allowing others to work out of the rented property.
Whether a business owner chooses to purchase or rent a commercial property will depend upon factors related to his particular business. Attorneys who work in the real estate field can help individuals decide what type of property is best suited to his business’s needs. Once they decide on whether buying or renting is best for their businesses, their real estate attorneys can help them draft effective agreements to secure their rights to the properties.