Buying Commercial Real Estate Property
Entering into a commercial real estate contract to buy or lease a commercial property can be both a financial and long-term commitment. Companies interested in purchasing or leasing commercial property should know that the consumer protection
laws applicable to home purchasers are rarely applied to commercial real estate transactions. As such, it is important to understand the potential risks involved when entering into these transactions.
In commercial real estate transactions, buyers are required to perform “due diligence investigations” to discover all the material facts and conditions affecting the property and transaction. This process is critical in protecting your interests. When entering into purchase or lease agreements, buyers should understand that if they attempt to manage all documentation on their own, they can be held to a legally binding agreement that may not meet their needs and also cause future problems. To avoid any potential issues, companies should consult legal counsel in commercial property transactions in order to assist with the complexities of the process. A legal representative can guide the companies through the various procedural steps, investigations, and transactions. Furthermore, they can help with technical rules and regulations that affect real estate transactions and work with you to ensure that your interests are protected.
Tristan & Cervantes has represented many businesses in commercial real estate matters. Our land use practice has assisted clients in all aspects of real estate transactions including forcible detainers and eviction proceedings, zoning, and real estate sales and purchases. We can help you through the complex process and work with you to protect your interests.
Please contact our office via email at info@tristanlegal.com or call us at 312.345.9200 regarding your real estate needs.
___________________________________________________________________________________________________________________
Landowners Beware: Snow and Ice Removal in Illinois
In Murphy-Hylton v. Lieberman Management Services Inc., 2016 IL 120394, the Illinois Supreme Court recently resolved a split between appellate courts in interpreting Section 2 of the Illinois Snow and Ice Removal Act. Section 2 reads: “Any owner, lessor, occupant or other person in charge of any residential property . . . who removes or attempts to remove snow or ice from sidewalks abutting the property shall not be liable for any personal injuries allegedly caused by the snowy or icy condition of the sidewalk resulting from his or her acts or omissions unless the alleged misconduct was willful or wanton.” 745 ILCS 75/2. In Murphy-Hylton, the question before the Supreme Court was whether the act covered claims of negligent premises maintenance and defective conditions on the premise, in addition to the negligent removal of snow. In its decision, the Supreme Court upheld the 4th district’s interpretation of the act which limited immunity to negligent acts arising out of snow removal efforts.
The court reasoned that the legislature intended to encourage the removal of ice and snow from residential properties by removing liability that is associated with negligence when undertaking snow and ice removal on one’s property. Under common law, landowners had no duty to remove ice and snow, and if they voluntarily chose to do so, they faced liability for negligent removal. Although the legislature intended to encourage ice removal by immunizing landowners from liability for negligence, nothing in the act provides immunity for anything beyond negligent snow and ice removal.
Those who own commercial property are not protected under Section 2 of the Snow and Ice Removal Act. Like owners of residential property, owners of commercial property do not have a duty to remove natural accumulations of snow and ice; however, if an owner chooses to undertake snow and ice removal, the landowner could be liable if the snow and ice is removed in a negligent manner, or if the landowner negligently causes the unnatural accumulation of ice or snow.
Tristan & Cervantes has advised clients on various commercial and residential real estate matters as well as landlord and tenant relations. We have assisted clients in all aspects of real estate transactions and have advised clients on their rights pertaining to their property and how they can protect their interests under the law. Please feel free to contact our office via email at info@tristanlegal.com or call us at (312) 345-9200 for more information regarding your real estate matters.
