In some parts of the country zoning restrictions are easy to understand. Large areas of residential lots are grouped together and all commercial lots are separate. In some places in the midwest, however, the zoning restrictions can at first appear to be a little more fluid. In fact, many large residential areas actually have a neighborhood grocery store that is often attached to several other smaller businesses. Sometimes a dry cleaning store, sometimes a yogurt shop, sometimes a sandwich store and an insurance agent as well.
In these neighborhood business areas, a large mostly empty parking lot may sit virtually unused for years until local investors notice that there are enough residents to support even more businesses. And then, if the zoning restrictions allow, investors tend to swoop in and purchase land for restaurants, nail salons, and other businesses.
Is a Boundary Dispute Keeping You from Building Your New Business?
Some business investors find themselves between an opportunity for growth and complicated real estate law cases. Foreclosure procedures, for instance, can also slow down building permits and progress. Those lost days can mean waiting longer until income from leases can be collected. Those lost months or days cannot be recovered. Without the best legal representation and intervention real estate contracts can take longer than needed.
Whether you are talking about commercial or residential real estate contracts, once you have entered into a purchase contract, how long things will take depends completely on the contract. For this reason, contracts should specify either a closing date or a specific number of days before closing. A time span of four to ten weeks is typical, but this length can vary from one state to another state.
The state of California, for instance, has some very specific real estate contract laws in place. Not understanding these specific laws can be a problem for people from other locations. For instance, in California if a tenant has lived in the premises for more than one year, the landlord must a notice to evacuate at least 60 days in advance. Even if that property is purchased by a new owner, old renters cannot be evicted without the proper notification.
Understanding the details of real estate contracts in every state where you want to do business is essential to any kind of success.