Redevelopment is big right now. HGTV is filled with shows about rehabbing properties, about making the old new again. Redevelopment is more than just a trend; in the right situation a rehab project can make good business sense.
Rehabbing commercial property in Florida: Should I take the leap?
As with any business deal, businessmen and women that are considering a rehab project in Florida should carefully consider both the risks and benefits. While considering the deal, it can help to have a basic understanding of potential legal implications. Three specific areas to be aware of include:
- Environmental concerns. One of the perks of owning property in Florida is the beautiful environmental offerings. There are a number of regulations and ordinances in place that are designed to help keep these offerings from falling into decline. Those looking to begin a redevelopment project should review any applicable laws that could impede the project. A second environmental issue can involve the presence of preexisting contaminants on the property. Depending on the previous use of the property, environmental cleanup may be required before the rehab can begin.
- Zoning issues. The use of property is guided by zoning regulations. In the most basic sense, these regulations designate if property can be used for residential or commercial uses. It is wise to look into the zoning regulations for the property that is of interest before moving forward with a deal.
- Title disputes. It is also wise to review the title of the property. Check to see if there are any restrictions or covenants that may encumber the property.
In some cases, the answers to these issues are readily available. In others, the answers may be buried. In still others, additional questions need to be addressed. As a result, it is often wise to seek legal counsel before finalizing a rehabilitation project to better ensure your business interests are protected.