Month: June 2020

Planning and Zoning - Commercial Real Estate Attorney | Bukowski Law Firm | Austin, TX

Planning and Zoning Considerations When Purchasing Property

It’s vital not to be transfixed only by a property’s aesthetic. Learning about the area you want to purchase a property in is not generally at the forefront of someone’s mind, but it is essential. When in the market for an area of land to begin construction of a house, or to purchase property in a nice neighborhood, you’ll need the help of the best real estate attorney in Austin, TX. They can help get you the official plan and zoning by-law of the area that interests you.

The official plan and zoning by-law are two significant aspects surrounding how the neighborhood area is developing in the next coming years. The official plan specifies the maintenance or construction on existing roads or new road-construction projects to come.

The zoning by-law mentions which buildings can be built in specific areas or zones. It will also give the buyer regulations on how large a yard can be, or whether there are height limits for buildings. The zoning by-law also has a section on provisions that provide rules on parking spaces, accessory buildings, and structures. It is a necessary by-law to understand, and having the best real estate attorney in Austin, TX, can make your move a success. They can ensure that you are in a properly designated residential area or commercial area, depending on what your plans are.

Commercial Real Estate Attorney | Bukowski Law Firm | Austin, TX

Easements on Real Property Explained

When it comes to getting an easement, you’ll want to make sure you’ve got a real estate attorney in Austin, TX, to help you. It would be prudent to understand what easements are and what it entails. There are two main classifications when looking at easements: appurtenant and in gross. The distinct difference between the two has to do with who is allowed to use another’s property and whether that allowance transfers to the next property owner.

To set an example, if Person A has an easement to use their neighbor’s property, such as a driveway, then the next owner of Person A’s place will also be allowed to use that space. The permission transfers over in the case of an easement “appurtenant.”

In the case of an easement “in gross,” using Person A as an example again, if they were to get an easement “in gross,” then the next owner of their property would not have permission to use the neighbor’s space. So the easement is personal to whomever the neighbor had made the agreement with.

It is imperative to have a real estate attorney in Austin, TX, to understand these terms and legal property laws. Find out what easement works best for you when you’re looking for your next property.

The Feasibility Period for Commercial Real Estate Transaction

The Feasibility Period for Commercial Real Estate Transaction

Most contracts regarding the purchase of commercial real estate, provide for a “feasibility period” after the contract is signed (aka the effective date) during which, the buyer can study and analyze the property to ensure there are no defects. Buyers must take this opportunity to ensure the property is in good condition and that it makes business and financial sense. A commercial real estate attorney in Austin, TX, will tell you that during this time, they have the right to cancel the contract if the results are unsatisfactory.

The feasibility period allows a buyer to terminate a real estate contract for any reason within a certain number of days (which is a negotiated contract clause) after the effective date by giving the seller written notice of termination. A commercial real estate attorney may advise a buyer to secure this option. Typically, a buyer must pay some money (also negotiable), ranging from 1% to 4% of the purchase contract. If the buyer terminates the contract before the negotiated number of days, then their money will be refunded, minus the negotiated amount to have the option. If the buyer does not terminate the contract, then the consideration amount paid will be credited to the final sales price at closing.