Understanding the Process
Acquiring commercial space in White Plains, NY, is a significant decision that can shape the future of your business. Whether you’re opening a new office, expanding a retail location, or seeking a more strategic site for growth, you may have plenty of questions about the legal steps and requirements that are involved. At Rosenbaum & Taylor, we guide business owners through this entire process so that they feel that their interests are protected with the right commercial real estate.
Here’s what you can expect, and how our team can support you.
Understanding the Market
White Plains is an ideal spot for businesses looking to thrive in Westchester County. Proximity to New York City, excellent public transportation, and a bustling business district offer significant opportunities for companies across various industries, including retail, healthcare, finance, and technology.
When considering the commercial space that’s available, you’ll want to understand the market dynamics that influence cost and location. White Plains has a mix of office buildings, retail locations, and industrial properties, each with different zoning laws, lease structures, and estimated growth potential. As a business owner, you’ll want to decide if a property adequately meets your operational needs and business goals.
Key Legal Steps in Acquiring Commercial Space
1. Identifying the Right Property
It may seem obvious, but the first thing that you’ll want to do when acquiring commercial space is to identify the property that best suits your business needs. Whether you’re leasing or purchasing, the right location can make a significant impact. Make sure that you consider:
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Proximity to your customers, suppliers, and transportation hubs.
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Whether the space is zoned appropriately for your business type.
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Whether the space meets your current needs, and allows for future growth.
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Building amenities like parking, accessibility, and common areas for both employees and customers.
Working with a commercial real estate agent who specializes in White Plains properties is a great way to find available spaces. However, before you sign any agreement or contract, you’ll want someone to help you review the legal aspects of the property. Rosenbaum & Taylor can explain zoning laws, occupancy permits, and property restrictions, and show you whether the space you have in mind will align with your business plan.
2. Conducting Due Diligence
Before committing to any commercial space, you’ll need to perform due diligence. This involves investigating various legal aspects of the property, including:
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Zoning compliance, and whether the property currently meets it.
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A title search, to verify the property’s ownership and check for any liens, encumbrances, or legal disputes that could impact your business.
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Building inspections, to confirm that the property is structurally sound and free of environmental hazards like asbestos, mold, or contamination.
During this phase, it’s important to consult with legal experts who can interpret zoning laws and compliance issues. Our team can make sure that all legal and regulatory issues are addressed before moving forward with your transaction.
3. Negotiating Lease Terms or a Purchase Agreement
Once you’ve completed due diligence on the commercial space that you want, the next step is negotiating the terms of the lease or the purchase agreement. Whether you choose to lease or buy, you need to have clear, favorable terms in place to protect your business.
If you’re leasing, key terms to negotiate include:
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Rent, which includes base rent, rent escalations, and any additional costs such as utilities and property taxes.
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The lease duration, renewal options, and what applies if you grow your business.
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Tenant improvements, which outline which relevant parties will pay for any modifications to the property to meet your needs.
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Exit clauses, which state in clear terms what is involved if you want to terminate the lease early.
If you’re purchasing, focus on:
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The purchase price, and whether it meets your budget and current market value.
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Contingencies to protect yourself with regard to inspections, financing, and property title review.
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Financing terms, loan terms, conditions, and arrangements, and whether they’re in place.
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Due diligence, to confirm that all legal requirements are met, and that no issues arise during the closing process.
Rosenbaum & Taylor’s attorneys are experts in negotiating both leases and purchase agreements, ensuring that terms are fair and favorable.
4. Reviewing Property Documents and Contracts
Before signing any lease or purchase agreement, it’s critical to thoroughly review all property documents and contracts.
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Lease Agreements: Carefully examine the terms of the lease, including maintenance responsibilities, rent escalation clauses, and early termination provisions.
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Purchase Agreements: For buying, review the sales agreement and ensure contingencies are in place to protect your interests.
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Insurance and Liability: Review any insurance requirements or liability clauses in the contracts so that you are adequately protected in case of accidents or damage.
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Maintenance and Repairs: Ensure that the contract clearly outlines who is responsible for maintaining and repairing the property during the lease or ownership period.
Let our team review these documents and verify that all legal language is fair, transparent, and aligned with your business’s needs. We won’t let any important details affect your long-term success.
5. Securing Financing and Addressing Legal Compliance
Before purchasing commercial space, you’ll need to secure the appropriate financing. This involves working with lenders to obtain the necessary funds, whether through traditional loans, lines of credit, or commercial mortgages.
At the same time, you’ll want to evaluate your legal compliance. This includes checking that the commercial space complies with all zoning regulations, environmental laws, and local building codes. Additionally, you’ll need to confirm that any potential environmental risks (such as contamination) are addressed early on so that you avoid costly legal issues down the road.
Rosenbaum & Taylor can help you secure financing and meet compliance with local and state laws.
6. Finalizing the Deal and Closing
It’s almost time to celebrate! The last step in acquiring commercial space will be closing paperwork. This involves signing the lease or purchase agreement, completing financing, and transferring ownership (if purchasing). It’s important to have an attorney involved during the closing process, as they can acknowledge that your documents are properly executed and filed with the appropriate authorities.
If you need help, Rosenbaum & Taylor offers full support up through the closing process. Our experienced attorneys can handle all of the paperwork, deal with closing costs, and ensure a smooth transition into your new commercial space.
Common Legal Pitfalls to Avoid
While acquiring commercial space is a significant milestone for any business, there are several common issues that can delay or derail the process.
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Misunderstood Lease Terms: Failing to understand the full scope of lease responsibilities can lead to unexpected costs.
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Overlooked Zoning and Compliance Issues: Not conducting proper due diligence on zoning laws and property use can result in legal violations.
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Unclear Maintenance Responsibilities: Vague lease clauses on maintenance can lead to disputes over who is responsible for repairs.
Our team can advise you on how to avoid these pitfalls by providing clear legal guidance on all contracts and agreements.
How Rosenbaum & Taylor Can Assist in Acquiring Commercial Space
Acquiring commercial space in White Plains, NY, is a complex process that requires careful attention to legal details. Rosenbaum & Taylor is here to assist you with that process, from identifying the right property to negotiating favorable terms and closing the deal. Our expert legal team can help you:
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Negotiate fair and clear lease or purchase agreements.
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Ensure compliance with zoning laws, title searches, and other legal regulations.
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Review contracts and documents to protect your business’s interests.
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Assist with securing financing and addressing environmental concerns.
Let’s Talk About Commercial Space
Whether leasing or purchasing, our experienced attorneys are ready to guide you through the process to obtain the commercial space you’re looking for. Contact us today to schedule a consultation and get started!
