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Recent Blog Posts
Real Estate Development - Zoning Variances and Exceptions
When you invest in commercial property, it is critical that you are able to use it as planned. Unfortunately, if due diligence is not performed, there could be zoning issues that hinder the completion of a project. Depending on the situation, developers may be permitted an exception, otherwise known as a zoning variance. Learn more about variances, when they apply, and how a skilled real estate attorney can help with pursuing one for your current development project.
What is a Zoning Variance?
Local municipalities are responsible for the way their community develops. Zoning ordinances allow them to control and limit the presence of undesired structures and land uses. Most of the time, those ordnances are based on community desires (i.e. residents not wanting a factory near their homes), rather than government desires, but there are exceptions. Examples include ordinances that prioritize land and wildlife preservation.
Getting Your DuPage County CRE Zoning Variance Approved
In DuPage County, and virtually every other county in America, most land is zoned, or designated, to be used for specific things. For example, a plot of land could be zoned as single-family residential, in which case it could not be used to build an apartment complex or open a business. In most situations, large areas are made up of plots of property that are zoned in the same way. If you want to open a business in an area that is zoned as residential, you will have to get what is called a variance, or exception, to the zoning rules. In order to open the business, you would need a commercial real estate zoning variance.
Types of Variance
There are two types of variance available, and you need to apply for the correct one when seeking a commercial real estate zoning variance. The two options are:
- Area Variance – An area variance is quite common, and used when compliance with a specific zoning law would create an unreasonable restriction on the use of the land. For example, if a plot of residential land is oddly shaped, making it difficult or impossible to build a home on it while complying with standard setback requirements, an area variance would be granted.
Zoning and Entitlements in the Commercial Real Estate Development Industry
Few things in life are as satisfying as the purchase of an undeveloped plot of land. It is, essentially, a blank slate, an opportunity to build your vision. Land development requires more than just an idea, however. Investors must also navigate through a complex set of nuanced rules and regulations. Overseen and enforced by local, state, and even federal municipalities, the laws of greatest concern relate to how the land can be used. Learn more about zoning and entitlements in the commercial real estate industry (CRE) in the following sections.
Zoning and Entitlements - What Are These Laws and Why Do They Matter?
New CRE investors are often surprised to discover just how important zoning and entitlements are to their real estate projects. Able to bring a development project to a complete standstill, zoning and entitlement issues can hike up costs and threaten a project's completion. So what, exactly, are these laws, and how can you avoid them in your investment projects?
Real Estate Development: Top Strategies Employed by Savvy Investors
Even though the U.S. is well on its way to recovering from the recession, there are still investors who fail in the real estate development market. In contrast, there are those who consistently make money, despite any changes or fluctuations. The following strategies, employed by the savviest of investors, are often key in giving the latter their edge over the former.
Study and Know Local Pricing
Studying and knowing your local market is an invaluable strategy in real estate development and investment. Not only do you learn which prices are fair (which can assist in finding the best prices), you are also able to better stay ahead of the trends. Take, for example, an area in which home sales are accelerating at a faster rate than its neighboring towns or subdivisions; this can tip you off to areas that are currently in high demand.
Know How to Spot a Catalyst
House-Flipping at a 10-Year High - Could It Be Right for You?
House-flipping, defined as a house that is bought, revamped, and then sold within a 12-month period, is now sitting at a 10-year high. Experts say popular television shows are at least partially responsible for this hike. Unfortunately, such shows do not give an accurate portrayal of the industry and the challenges that house-flippers may face during the house-flipping process. Educate yourself on the process, and discover how a seasoned real estate lawyer may be able to help mitigate the risks and potential issues you may deal with along the way.
The Pros and Cons of House-Flipping
Under the right circumstances, house-flipping can be a lucrative market. Unfortunately, all the professionals that are needed to complete the process - real estate agents and brokers, builders, construction crews, etc - cut into your bottom line. You can increase your profits by learning more about the industry and expanding your knowledge (i.e. becoming a real estate agent), but one cannot realistically handle all aspects of their deals.
The Basics of Real Estate Investing - Understanding Public Transportation's Impact on Residential and Commercial Real Estate Markets
When a real estate investor wants to achieve a profitable return on investment (ROI), it is important that they consider a number of variables and factors related to the property. The projected growth of an area, which is arguably one of the most critical factors in this equation, can be extremely difficult to determine, as the economy and access to jobs can change dramatically over the course of just a few short years.
Information, recently released by the Environmental and Energy Study Institute (EESI), the National Association of Realtors (NAR), and the American Public Transportation (APTA), suggests that access to public transportation may be useful in determining both the immediate growth and future growth in a given area. Learn more about the intricate connection between public transportation and real estate growth, and discover how a seasoned Naperville real estate attorney can help to increase your chances of a positive ROI on your next real estate project.
Preparing Your Commercial Real Estate Property for Premises Liability
The success and overall performance of a commercial property depends on a variety of factors. Perhaps one of the most influential is the way that owners (both property and business owner) handle and prevent personal injury liability situations. Bound to occur at some point, these incidents can cost all involved parties a great deal of time and money. Thankfully, the following sections can help you learn how preparing your commercial real estate property for premises liability can help to protect your asset (and your bottom line).
The Potential Consequences of Ineffective Premises Liability Protection
During the year 2017, more than 53,000 personal injury cases were filed in the United States. Many of these cases likely ended in a settlement, but not all. In either case, these lawsuits cause business and property owners to lose millions of dollars on an annual basis. Attorney fees, settlements, and court costs are just a fraction of the costs that can be associated with such cases. Money may not be the only loss that a business or property owner experiences; one's reputation and image can also be irretrievably damaged if the case goes poorly or receives a lot of publicity.
Resolving a Commercial Real Estate Dispute
Commercial real estate disputes can be frustrating, complex, extremely costly. Thankfully, there may be ways to solve issues with less stress, money, and effort. Learn more about resolving your commercial real estate dispute, including when to seek assistance from a legal professional, with help from the following information.
Types of Commercial Real Estate Disputes
Disputes in commercial real estate are, most often, related to contracts, development, land use, or title issues. For example, land developers may experience arguments or potential litigation over:
- Tenant's breach of a commercial lease;
- Tenant's use of property;
- Fair market value of the home;
- Construction development contracts;
- Worksite personal injury cases;
- Easements preventing the intended use of land or property;
Illinois Commercial Litigation FAQs: Part 2
Commercial litigation can be a complex area of law and especially confusing in the wake of a lawsuit. It is important to understand your rights as a business owner and the litigation process overall. In the first part of our series, we reviewed a few frequently asked questions (FAQs). Below are some additional matters you should be aware of regarding commercial litigation.
What Should I Do if I Think the Company May Get Sued?
If you have reason to believe that you or your business may be sued, you need to take action to preserve all documents potentially related to the lawsuit. This also includes documents in electronic form such as emails and text messages. Failure to preserve these documents can harm your case and result in severe penalties. You should also speak with a lawyer immediately to develop a plan of action. You should not wait for a lawsuit to be filed before meeting with a lawyer.
Condominium Owners Have Limited Protection Against Their HOA Board
When condominium owners purchase a unit and pay their HOA dues, they rightfully expect that the Association will hold up their end of the contract. Unfortunately, this is not always the case. Even more concerning is that condo owners often have the deck stacked against them when it comes to resolving civil disputes with an HOA. For this reason, it is important that owners know and understand their rights, limitations, and most plausible course of action when an issue arises.
Withholding HOA Dues to Force Association Compliance
Seven years ago, an Illinois woman entered a civil suit with her HOA board. She wanted to sell her condominium, but the HOA allegedly refused to repair a leak that was causing damage to her property. She began to withhold her dues in hopes of forcing compliance, but it all ended up backfiring. Not only did she fail to win her case, she was forced to pay her own legal fees, her Association's legal fees, and the past due HOA fees. She also ended up making the repairs herself.
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