Protecting Your Interests in Commercial Lease Agreement Disputes

 Posted on December 00, 0000 in Commercial Lease Agreements

Of all the real estate matters, those involving commercial lease agreement disputes are often the most complex. Governed by complicated contracts and esoteric laws, they could result in a significant financial loss for a business or landowner if handled incorrectly. Such disputes may even result in violations at a local, state, or federal level that could compromise future use of the property. If you are facing a commercial lease agreement issue, understand your rights, and how to best protect them.

Common Commercial Real Estate Agreement Issues

Though real estate agreement disputes come in a wide variety of forms and types, they typically involve two vested parties: the tenant (or business owner) and the landlord (landowner). Some issues stem from a breach of contract. Others are due to improper land use or development. Still others may relate to property damage or failure to maintain the property as outlined in the contract. However, not all disputes are between the landlord and the tenant.

A neighboring property owner may bring suit because of a zoning ordinance violation, common law nuisance, or other regulatory problems. In these instances, both the landlord and the tenant could be held liable. Failure to adequately protect yourself in any of these situations could have serious consequences, including fines, loss in property value, decreased usability of a property, and diminished marketability of the property.

Protecting Your Rights and Interests

Whether you are a landowner or tenant, it is critical that you know how to protect your rights and interests in a commercial lease agreement dispute. This is especially important if matters are taken to court for litigation. Assertive action can increase your chances of a favorable outcome, early on in the dispute. So, instead of waiting until matters have escalated, contact a skilled and experienced commercial real estate attorney at the first sign of trouble.

Sources:

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Documents/ILSBDC_NewGround_CommRealEstate_Sept2013.pdf

http://www.americanbar.org/publications/gpsolo_ereport/2012/january_2012/commercial_leases.html