Purchase And Sale Of Multiple-Use Buildings
Multiuse buildings offer unparalleled flexibility, and they serve an important role in urban areas, where less land is available and people need both housing and business opportunities in the same location.
The key lies in zoning. Most buildings are zoned either for commercial or residential use. This helps protect residential areas, ensuring that people can live next to neighbors and families, rather than around factories and office buildings. Multiuse buildings, however, can contain commercial spaces and residential spaces. The most common example is perhaps an apartment building with apartments on the upper floors and shops and businesses on the ground floor.
Complex Real Estate Transactions
Of course, this means that buying and selling can be a bit more complex. While it is wise to have an experienced attorney for all real estate transactions, the need is especially great with multiuse buildings. Questions you may want to ask include:
- Exactly how is the zoning done in that area?
- What types of businesses can use the commercial spaces?
- Can you turn any commercial spaces into residential spaces, or can you turn residential spaces into more commercial opportunities?
- What red flags should you watch out for during the inspection?
- How does the zoning and status of the building as a multiuse structure impact the total value of the property?
- What happens if the economy changes? Will you have more trouble leasing or renting commercial or residential spaces?
- What are the tax implications of a mixed-use building?
- How do you draw up different contracts for both residential and commercial clients?
- What is the history of the building and the zoning in the area?
These are just a few examples, but you can see why it is important to work with experienced real estate attorneys who put your interests first. Real estate agents just want the sale to go through. The same is true for mortgage brokers.
You need someone who puts you first, and that is exactly what you get when you work with us at D’Alessandro & D’Alessandro, LLC, in Basking Ridge. We have more than 35 years of experience, we are a local, family-owned law firm and we prioritize our clients. During complex transactions, you need us on your side. Please contact us online or call 908-766-5400.