COMMERCIAL CONDOMINIUM DEVELOPMENT & REPRESENTATION
Lawyer in Orlando, Florida
Condominiums are larger buildings or properties where ownership is divided among different individuals or business entities. With condominiums, you own an individual unit and share interest in ownership of common areas. Condominium owners generally pay condominium assessments for shared expenses related to the common areas and maintenance of the building as a whole. Condominiums can be residential units, or they may be units used for office space or businesses. In recent years, developers have found that commercial condominiums can bring lucrative investment options. Business owners may purchase a unit in a commercial condominium for investment benefits and it gives the owner more control over their office space. Developers can make a profit from transforming buildings into commercial condominiums. Some condominiums are mixed use condominiums with some condominium units designated for residential use and some condominium units designated for commercial use.
If you are a developer or thinking of purchasing a commercial condominium unit for your office, industrial space, or retail space, it is important to know and protect your rights. Before a building can be developed into office, industrial, or retail space, zoning laws must be respected. Furthermore, a declaration of covenants, conditions, and restrictions, need to be established wherein the condominium ownership regime is established and specifies covenants and rules regarding common areas, common fees, and appointment of a board that will manage the operation of the condominium. Whether you want to purchase a commercial condominium or develop a building into a commercial condominium, it is important to follow the law and protect your interests. Legal Counsel, P.A. employs a commercial condominium development and representation lawyer in Orlando, Florida who may be able to help you. Have questions? We have answers. Contact Legal Counsel P.A. today at 407-982-4321.
When developing a commercial condominium, you may need to develop and or revise legal documents governing the use of an existing structure, review current zoning laws, research how developing a commercial condominium may impact your real estate taxes, etc. For example, if you are transforming a residential building into a mixed-use building, the declaration of covenants, conditions, and restrictions will need to be revised to reflect the proposed changes. Furthermore, you may be required to purchase additional insurance for patrons who visit the common areas of the property. Every legal step must be followed to avoid future challenges and potential litigation.
Before transforming a building into a commercial condominium, you will need to consider zoning laws, the kinds of businesses that are permitted, or if you need to apply for a variance, to create a mixed-use building. Other considerations may involve specific rules pertaining to the building’s use. Some commercial condominium owners only permit certain business activities within the units. This ensures that the condominium is in compliance with zoning laws or that there is continuity and consistency in business patrons and business use. If you are thinking of investing in condominium development, having legal representation that can help you. Legal Counsel, P.A. employs a commercial condominium development and representation lawyer in Orlando, Florida who may be able to help you with your project. Our lawyer can review local laws and regulations, review existing legal documents surrounding development, assist you with understanding the laws and regulations that must be followed, and assist you with developing legal documents for the association that will protect your rights and interests. Have questions? We have answers. Contact Legal Counsel P.A. today at 407-982-4321.
If you are purchasing a commercial condominium unit, it is important to ask the right questions, review all legal documents and protect your interests. If you are purchasing a commercial condominium unit for your business, office or retail space, this gives you the benefit of building equity while paying your mortgage instead of paying rent on property with no return on your investment. Why pay rent when you can own your own commercial condominium unit and gain equity?
There are some things to consider before purchasing a condominium unit. For example, you need to carefully read the condominium association’s rules and governing documents. If you plan to lease a unit, as opposed to occupy it, you should determine if you are able to find tenants who will comply with governing documents. Another thing to consider is anticipated future growth of your business. It is important to balance your current business’s needs with its potential for growth, especially when buying a condominium unit rather than renting office space. If you have a business where you anticipate client visits to your office, you may want to take a close look at parking stalls and how much parking will be available to your clients as often condominiums have designated or limited parking.
Finally, when purchasing an office condominium, it is important to make the same considerations as a person purchasing a residential condominium unit. Look at the condominium documents to ensure you are able to conform to the rules and that your business matches the approved uses. Look at common area expenses and ask about average increases. Look at the condominium association’s budget. Are there sufficient reserves? Are there any upcoming major repairs that may impact the budget? Has a reserve study been performed?
These are just some of the considerations a business should make before purchasing a commercial condominium unit. However, these are not all the legal considerations you may need to take into account before purchasing a commercial condominium unit. If you are considering purchasing office space, Legal Counsel, P.A. employs a commercial condominium lawyer in Orlando, Florida who may be able to assist you with reviewing documents, asking difficult questions, and helping to navigate the sale. Contact our firm today to learn more. Have questions? We have answers. Contact Legal Counsel, P.A. today at 407-987-4321.