Real estate development is a complicated, multi-step process that can take years. From the initial planning stage through completion, those who wish to turn an old building or piece of property into a good investment can encounter plenty of obstacles along the way. Development projects can provide people with the opportunity to deliver a new product that doesn’t currently exist into a market, giving people what they want while making a good return.
However, one of the best ways to protect yourself and your development is to avoid as many risks as possible. Two factors that can play a huge role in the risk of a given project are the type of project and the stage. For example, a low-risk project might be to build a franchise, such as a fast-food restaurant. The building is simple, uniform, and the tenant is already identified and under lease with limited ability to terminate.
Before you even begin, you can bring in a skilled Okaloosa County real estate lawyer to help you assess the project. During the pre-development stage, an attorney can help you apply for the appropriate permits and ensure you can acquire the land or option rights to purchase the land before you begin building.
During the construction itself, an attorney could help you draw up contracts and look over leasing agreements to avoid creating any loopholes that could be exploitable in the future. Once the construction is done, an attorney can also help you manage your risk by helping you sell or lease the property. This process will also involve well-worded and airtight contracts to protect yourself and your investments.
If you’re interested in how we can help you make your project a little safer, don’t hesitate to give us a call. Our skilled lawyers can help any property manager or landlord through unique challenges. Let us see what we can do for you.
Schedule an initial consultation by calling us at (850) 610-7471 today!