Commercial Real Estate
At Smith, Paulson, O’Donnell & Erickson, PLC, we represent buyers and sellers of commercial, recreational, and industrial real estate throughout Central Minnesota. Our knowledgeable team assists businesses with a range of real estate needs, including boundary disputes, title problems, Torrens (registered) property, commercial leases, mortgages, contracts for deed, Section 1031 tax-deferred exchanges, and landlord-tenant law. We understand the complexities of commercial real estate transactions and provide tailored legal services to ensure your business interests are protected.
Monticello, MN Commercial Real Estate Attorneys
Choosing the right legal partner for your business’s real estate and construction needs is crucial. Here’s why Smith, Paulson, O’Donnell & Erickson, PLC stands out:
- Experienced Team: Our attorneys have extensive experience in real estate and construction law, providing knowledgeable and effective legal support for businesses of all sizes and industries.
- Client-Centered Approach: We prioritize our clients’ needs and work closely with them to develop personalized legal strategies. Our goal is to help you achieve your business objectives while ensuring compliance with legal requirements.
- Comprehensive Services: We offer a full range of legal services tailored to meet the specific needs of your business, providing ongoing support to help your business thrive.
- Proven Track Record: Our firm has a history of successfully representing businesses in various real estate and construction matters, demonstrating our ability to deliver results.
Boundary Disputes + Title Problems
Boundary disputes and title problems can disrupt your business operations and impact your property investments. Our Monticello commercial real estate disputes lawyers are skilled in resolving these issues efficiently and effectively. We conduct thorough title searches, address any defects, and represent clients in disputes over property boundaries. By ensuring clear and marketable title to your property, we help you avoid potential legal complications and safeguard your investments.
Commercial Leases + Landlord-Tenant Law
Navigating commercial leases and landlord-tenant law requires detailed legal knowledge and attention to detail. Our attorneys assist landlords and tenants in drafting, reviewing, and negotiating lease agreements that protect your business interests. We also represent landlords in rental property disputes, cancellation of contracts for deed, eviction actions, and unlawful detainers. Our goal is to provide comprehensive legal support to manage your commercial properties effectively and resolve any disputes that arise.
Section 1031 Tax-Deferred Exchanges
A Section 1031 tax-deferred exchange allows businesses to defer paying taxes on proceeds received from the sale of an investment property by reinvesting them into like-kind investment properties. This powerful tool enables you to defer capital gains taxes and reinvest the proceeds into properties of higher value. We are here to guide you through the 1031 exchange process, ensuring compliance with IRS regulations and helping you maximize your investment potential. The deferment acts like an interest-free loan on the tax dollars you would have owed for a taxable sale, allowing you to retain more equity and continuously upgrade your property portfolio.
Construction Law Services
In addition to real estate, our firm provides comprehensive construction law services to businesses involved in building and development projects. Our experienced construction law attorneys assist with issues related to mechanic’s liens, construction contracts, and dispute resolution.
Understanding Mechanic’s Liens
A mechanic’s lien secures payment for contractors, subcontractors, or material suppliers who have not been paid for their services or materials provided for a building project. Filing a mechanic’s lien involves specific steps and strict deadlines. Contractors must include a Pre-Lien Notice with their written contract, and if a verbal contract is entered into, the contractor must serve the owner with the Pre-Lien Notice within 10 days after the work is agreed upon. Subcontractors must serve all property owners with a Pre-Lien Notice within 45 days of the first day of work. The Mechanic’s Lien Statement must be filed within 120 days of the date the work is completed. If any deadlines are missed, the statement may be considered invalid. Our attorneys ensure that all procedural requirements are met to protect your lien rights and help you recover the money owed.
Commercial Transactions + Real Estate Closings
Our firm handles all aspects of commercial transactions and real estate closings, providing in-house title insurance and closing services. We assist businesses with the purchase and sale of commercial properties, ensuring that all legal and financial aspects of the transaction are properly handled. Our attorneys conduct thorough due diligence, draft and review purchase agreements, and ensure that the closing process is smooth and efficient. By offering comprehensive support throughout the transaction, we help you make informed decisions and protect your business investments.
Debtor + Creditor Agreements
Managing financial relationships with debtors and creditors is crucial for maintaining business stability. Our attorneys assist businesses in drafting, reviewing, and negotiating debtor and creditor agreements. We ensure that these agreements are clear, comprehensive, and protect your business interests. By managing these financial relationships effectively, we help you avoid disputes and maintain a healthy cash flow.
Commercial Real Estate FAQs
What is the process for resolving a boundary dispute between commercial properties?
Resolving a boundary dispute between commercial properties typically involves several steps. Initially, both parties should gather relevant documents, such as property deeds, surveys, and any previous agreements. Hiring a professional surveyor to clearly establish property lines can be crucial. If disputes persist, mediation or legal action may be necessary. At Smith, Paulson, O’Donnell & Erickson, PLC, our experienced attorneys can guide you through the legal process, ensuring your property rights are protected and the dispute is resolved efficiently.
What should be included in a commercial lease agreement?
A comprehensive commercial lease agreement should include key elements such as the lease term, rent amount, payment schedule, security deposit details, maintenance and repair responsibilities, property use restrictions, and termination conditions. It should also cover provisions for renewing the lease, handling disputes, and any special agreements between the landlord and tenant. Our attorneys can help draft, review, and negotiate commercial lease agreements to ensure they meet your business needs and protect your interests.
How can a business benefit from a 1031 tax-deferred exchange?
A 1031 tax-deferred exchange allows businesses to defer capital gains taxes on the sale of an investment property by reinvesting the proceeds into one or more like-kind properties. This deferral can free up capital, enabling businesses to upgrade to more valuable properties or expand their investment portfolios without the immediate tax burden. Our attorneys at Smith, Paulson, O’Donnell & Erickson, PLC, can assist you in navigating the complexities of a 1031 exchange, ensuring compliance with IRS regulations and maximizing your investment benefits.
What steps are involved in filing a mechanic’s lien for a commercial construction project?
Filing a mechanic’s lien involves several critical steps. First, provide a Pre-Lien Notice to the property owner within the required timeframe. Next, complete and file the Mechanic’s Lien Statement within 120 days of completing the work. This statement must include details such as the amount owed, a description of the work performed, and the property location. Finally, to enforce the lien, you may need to file a lawsuit to foreclose on the lien within one year. Our construction law attorneys can guide you through this process, ensuring all legal requirements are met.
What legal considerations should be addressed in commercial real estate transactions?
Commercial real estate transactions involve several critical legal considerations, including conducting thorough due diligence, reviewing and negotiating purchase agreements, ensuring clear title and resolving any title issues, understanding zoning and land use regulations, and securing proper financing. Environmental assessments and compliance with local, state, and federal laws are also essential. Our attorneys provide comprehensive legal support throughout the transaction process, helping you navigate these complexities and protect your investment.
What is a mechanic’s lien?
A mechanic’s lien secures payment of a claim arising from improvement to real estate, which can be foreclosed and sold to pay the debt. A MN real estate disputes attorney can help you file a mechanic’s lien if you are a licensed contractor, subcontractor, or material supplier for a building project and have not been paid for the services or materials provided for the project.
Contact Our Monticello Business Real Estate Attorneys
If you are facing a real estate or construction issue, it is essential to act quickly and seek professional legal assistance. At Smith, Paulson, O’Donnell & Erickson, PLC, we are intent on providing high-quality legal services tailored to your specific needs. Contact us today to schedule a consultation and discuss your case. Let us help you navigate the complexities of real estate and construction law and achieve the results you deserve. Our skilled Minnesota commercial real estate lawyers are ready to assist you in protecting your business interests and ensuring a successful outcome.
Recent Blogs
Choosing and Navigating Attorney/Client Relationships
At some point in your life, you may need to hire the services of an attorney. Especially if you’ve never met with one before, your first meeting with an attorney may intimidate you. Below is a brief guide on the attorney-client relationship and what you can expect....
An Update to Family Law That Could Impact Your Divorce
In 2019, Spousal Maintenance is changing. SPOE is always up-to-date with the latest changes in the law that will impact our clients. This change is not an alarming one, but it may impact spousal maintenance if you are divorced and receiving spousal maintenance, are...
SPOE Lawyer Spotlight: Michael Patera
The lawyers at Smith, Paulson, O’Donnell & Erickson use a team approach to help businesses, individuals, and families with their legal needs. Our team is made up of six attorneys with over 138 years of combined legal experience. In this blog, we’d like to take the...
What You Need to Know About the New Tax Bill
President Trump signed a massive tax reform bill in December. The bill is the biggest change to tax law in 30 years, and it gets complicated. Now that we’re in the middle of the 2018 tax season, here are some things you should know about the new bill. The Bill Went...
How to Successfully Navigate a Divorce
January is known as “divorce month.” That’s because divorce filings typically begin to spike this time of year. Divorce is something no one wants to think about, but once you have decided it’s the right choice for you, Smith, Paulson, O’Donnell & Erickson can help...
SPOE Employee Spotlight: Jacob Erickson
Name: Jacob Thomas Erickson Position at SPOE: Partner Years at SPOE: Five What is your main reason for wanting to work at SPOE? I wanted to work in a growing small town near my home. Monticello was a perfect choice, because it’s on the freeway, on the river, and on...