Seasoned Commercial Real Estate Lawyers in Vernon, Salmon Arm and Southern B.C.
Whether you are looking to invest in an apartment complex, purchase a small building for a burgeoning business, or complete the sale of a large industrial complex, commercial real estate transactions are wholly unique from the purchase or sale of a home or cottage. These transactions require extensive considerations relating to potential zoning restrictions, environmental factors and more. The commercial real estate lawyers at Cherkowski Marsden LLP are familiar with the specifics of commercial real estate matters and will help to safeguard your interests and minimize risk in every transaction.
Professionalism Without Pretension
With over 50 years combined experience in the practice of both business law and real estate law, the commercial real estate lawyers at Cherkowski Marsden LLP have the depth of knowledge needed to handle any commercial transaction with skill and careful attention to detail. You won’t see suits and excessive formality at our firm. We dress casually, but we take our duties and responsibilities as your lawyer seriously. We pride ourselves on our ability to anticipate and address any potential issues in a commercial real estate transaction well before they can pose a serious problem.
Our lawyers are fastidious and efficient with commercial real estate closings. Whether serving an independent investor looking to purchase property for income generation or a national corporation acquiring or divesting a large-scale development, our lawyers handle the necessary due diligence to avoid costly issues with skill and out-of-the-box thinking.
Our firm is technically advanced, with a system that allows for efficiency when it comes to the exchange of information between lawyer and client. The advance work demanded by a commercial transaction requires research, searches, professional reports, property assessments and more. We greatly value our clients’ time and convenience and make the efficient and hassle-free sharing of resources a priority.
Cherkowski Marsden LLP provides a range of real estate services to our commercial clients, including:
- Contract of Purchase and Sale Drafting and Review;
- Title Searching & Insurance;
- Commercial Leases;
- Advising on commercial tenant disputes.
Considerations When Purchasing & Selling Commercial Property
Our clients range from small and large commercial entities to individuals seeking to capitalize on the current housing market in B.C. by purchasing income-generating residential properties. Our lawyers have extensive experience in all levels of commercial property transactions no matter the level of complexity.
When it comes to purchasing a commercial property, the biggest consideration is providing adequate time to complete the necessary due diligence. The specific due diligence required will often depend on the type of building and the proposed use, but will often include some or all of the following:
- Obtaining an environmental assessment report;
- Obtaining a building condition assessment;
- A thorough review of applicable zoning regulations and municipal bylaws;
- Obtaining municipal development permits;
- Investigating heritage and landmark status of the property;
- A review of the title to the property;
- Ensuring any existing commercial tenants;
- Making financing arrangements with the lender for the closing of the transaction.
Our skilled real estate lawyers will ensure there are no outstanding issues with respect to the property prior to closing, in order to maximize the profitability potential and the return on investment for business owners and shareholders.
The biggest exposure to liability for a seller of commercial property is with respect to the various representations and warranties the seller may make in the Purchase Contract. When acting for the seller in a commercial transaction, our key priority is to protect their interests by limiting the representations and warranties outlined in the contract, therefore reducing their exposure to potential expenses and/or litigation post-closing.
If selling a property with residential tenants such as an apartment building, there are additional considerations. If the new owner plans to make a different use of the property such as converting the units to strata (condominium) units, or conduct extensive renovations, they may ask that the seller provide notice to the existing tenants that their tenancies will be terminated. Tenants have the right to adequate notice in such situations, as well as compensation. The terms of when the notice will be delivered and who will bear the costs of the compensation will be negotiated between buyer and seller in advance.
Thorough and Astute Representation for Commercial Real Estate Transactions
The real estate lawyers at Cherkowski Marsden LLP are experienced professionals with extensive backgrounds in both real estate and business law and have handled commercial transactions of all sizes and levels of complexity. We provide meticulous attention to detail and forward-thinking solutions in all types of commercial transactions while putting a premium on the time and convenience of our clients. Contact the commercial real estate lawyers at Cherkowski Marsden LLP online or by phone at 250-308-0338 (Vernon office) or 250-803-9171 (Salmon Arm office).