There are many Oklahoma residents who own commercial property or who are interested in owning commercial property. Owning real estate can lead to many different legal issues for property owners. It is important to have an attorney who has experience in commercial real estate to offer their advice. For many people, commercial real estate is their way of life. Real estate is a good investment that can provide a steady income. But there can be many legal issues a property owner can run into, so it is advisable that a property owner consult with an attorney to make sure their interests are protected. Our law firm has years of experience helping our clients with their commercial property needs. We can assist with many different real estate needs. These may include the purchase of commercial properties, title claims, short sales, zoningContinue reading: Do you need legal help with commercial real estate?
As a commercial real estate owner in Oklahoma, one of the most important things you can do is speak with an experienced attorney who can help make sure you are protected if a property manager fails to perform a job. There should be a crystal clear understanding by both parties as to what each are responsible for, and all of these agreements should be in writing. An effective property management contract should contain several things. First, it should contain liability verbage, or in other words, a “hold harmless” clause. This prevents liability of the landlord for any third party vendors hired by a property manager. Second, it should contain a list of the services and fees of the property manager, as well as responsibilities of the property owner. These should be set out individually including specific inclusions and exclusions. Third,Continue reading: Oklahoma commercial property management contracts
Commercial real estate transactions are in a league of their own. As opposed to a simple residential real estate transaction, they present unique and complex issues that may necessitate the assistance of a commercial real estate transaction attorney. Attorney Charles Wetsel offers 25 years of experience in real estate transactions, including commercial purchases and sales. He knows what to look for, and how to make sure you are protected from any issues that may arise. Further, he has successfully represented multiple clients who have found themselves caught in the middle of real estate disputes. In commercial transactions, there are often many additional variables that need to be taken into consideration. Those include development restrictions, zoning laws, land use restrictions and title claims. These can often be time consuming and complex matters to resolve. The purpose of a commercial transaction shouldContinue reading: Attorneys can assist with commercial real estate transactions
As certain areas of Oklahoma continue to grow, maybe you consider developing commercial property in an area where doing so makes sense. You will more than likely begin looking for tenants who want to take advantage of the business opportunities in the area. The question then becomes about what type of leases you will offer your commercial tenants. The kind you pick will dictate many aspects of your relationship with your tenants. Below is a general discussion of the three most common types of leases. Most people have heard of the net lease. You can charge your tenants a lesser amount for the base rent with these leases and then add in certain costs that you would otherwise pay. You can choose from a variety of net leases: Single net lease: This lease includes the base rent and the tenant’sContinue reading: What type of lease will you offer your commercial tenants?
Estate planning is constantly evolving in Oklahoma and across the United States. Revisiting estate plans that were created years ago is always a good idea. Digital property assets are the latest addition to estate plans that are very important for Oklahoma residents. Digital property is the newest type of property a person can have. Digital assets include online social media accounts, bank accounts, email accounts and online storage accounts. It is important that there is a plan for digital assets if a person dies. Without a digital asset plan, digital property assets may be lost. A person should name who they want to have access to their digital assets. If there are certain instructions for what to do with the digital assets upon a person’s death, that should be included as well. Valuable digital assets should be named, including valuableContinue reading: Digital property assets
Franchise owners in Oklahoma have many regulations by which they need to abide. Franchises have extensive contracts and other rules that owners must follow. A franchise association can help franchise owners learn the ins and outs of a franchise and work out the kinks of their business. Qdoba franchise owners recently formed a franchise association. Qdoba Mexican Eats franchisees, a fast-food Mexican establishment, has announced the formation of the Qdoba Franchisee Organization. The group is an independent organization whose goal is to “protect and enhance” the franchisees’ $250 million investment. There has recently been uncertainty within the Qdoba organization and franchise owners are working to ensure the Qdoba brand continues to be successful. There have been concerns about the valuation of Qdoba and franchise owners believe Qdoba corporate needs to hear their voice. Almost half of Qdoba locations are franchised.Continue reading: Qdoba franchise association formed
A real estate investor in Oklahoma will have a number of hoops to jump through in order to see their project to their ultimate goal. Some of these hoops may involve permissible real estate land use and related issues. For instance, at a recent meeting among the government leaders of Nichols Hills, a community bordering Oklahoma City, discussed how they might better be able to preserve the historic character of the neighborhood. Although the leadership was clear that they did not intend to unduly burden the property rights of landowners, they wanted to see more done to protect older historic homes from demolition. Many investors in the area tear down old homes that give the neighborhood a unique look in order to build “spec homes”, or houses that intend to draw a modern homebuyer since they were built for theContinue reading: Meeting shows delicate balance between preservation, rights
Although this blog has discussed purchase transactions involving commercial real estate in pervious posts, it is important to remember that, for a variety of business and other reasons, many Oklahomans choose instead to lease a property for their business’s use. Like the terms of purchase agreements, the provisions of a lease are important both to a commercial tenant and to the landowner, and they can mean the difference between and good and bad financial outcome for either party. It is for this reason that careful contract negotiation is required when an Oklahoma business chooses to enter a commercial lease agreement. Unlike residential leases, negotiation is the norm when it comes to nailing down the terms of a commercial lease, so prospective tenants should feel no obligation to sign the first agreement a landlord provides to them. Among the key termsContinue reading: Important terms in a commercial lease agreement
Although buying a piece of land or a building for business use or development is in many respects similar to buying a family home, in other ways, it is quite a bit different and, in many respects, much more complicated. One of the biggest differences between residential and commercial real estate deals is that there is customarily a lot more room for negotiation. This means that Oklahomans and out-of-state investors with property in Oklahoma are more likely to need an experienced and knowledgeable advocate on their side to help them prepare, negotiate and sign a commercial purchase agreement. Our law office has the knowledge and experience required to help our clients navigate through the complicated world of a commercial real estate sale or purchase. Once a prospective property or buyer is identified, we can help our clients prepare the contractContinue reading: Help with drafting a commercial purchase agreement
Two real estate investors have purchased a major Oklahoma City outlet mall from the mall’s developers to the tune of $130 million. The developers indicated they sold so that they could invest in developing other projects in other parts of the country. For their part, the buyers think the outlet mall represents an important opportunity for growth. Through a representative, the buyers noted that the outlet mall has a good corner on the market in Oklahoma City and they were also impressed with the area’s promising demographics. Specifically, the new owners are hoping to develop the stores to attract a lucrative market of Millennial shoppers who are educated and make decent wages. There are currently 90 outlet stores in the outdoor mall, including big names like Ralph Lauren and Nike. The new owners have already chosen a property management companyContinue reading: Major OKC outlet mall changes hands