If you own property in Idaho, you’re obligated to adhere to state laws and regulations regarding such ownership, such as laws that protect the safety of visitors and guests. Failing to fulfill your obligations may lead to legal problems. As a commercial real estate owner, it is imperative that you possess at least basic knowledge and understanding of important terms and conditions that may be relevant now or in the future.
Whether you’re a landlord, business owner or investor, understanding commercial real estate terminology is beneficial in several ways. It can help protect your interests when signing a real estate contract. It’s also easier to resolve disputes and avoid litigation if you are fluent in the vocabulary commonly associated with commercial real estate.
Terms associated with commercial real estate transactions
If you own commercial property in Idaho, make sure you understand the terms included in the following list, which may, at some point, be relevant to one of your contracts or transactions:
- Americans with Disabilities Act (ADA)
- Escalation clause
- Holdover tenancy
- Leasehold improvements
- Premises
- Tenant “go dark” rights
Each of these issues may have implications regarding commercial real estate that you own, especially if you rent the property to tenants who operate businesses, such as in a strip mall or other multi-business venue.
Understanding these and other real estate terms may help you avoid disputes or enable you to resolve those that do arise in a swift and effective manner. For example, “go dark” rightsmean that someone leasing rental space from you to operate a business may request reduced rent or close their business if other nearby establishments close. Also, ADA compliance pertains to wheelchair access and other issues that you, as a commercial property owner, must provide to the public.
What to do if a dispute arises
As a commercial real estate property owner in Idaho, you may face legal issues if someone files a complaint stating that your property or business does not comply with ADA regulations. You might also encounter challenges if disputes arise regarding alterations or improvements on a space that you rent to tenants, as well as any number of issues associated with the terms shown in the previous section.
If a dispute arises, knowledge of state and federal commercial real estate laws, as well as understanding of the terms of a particular contract, may be key factors to finding a peaceful solution to the problem. It’s best to seek additional support for any legal issue that you do not feel equipped to handle on your own.
