Small business owners agree to local commercial property sale

| Mar 21, 2014 | Real Estate Transactions

Readers of this real estate law blog may have conflicted feelings about construction in the name of progress. On the one hand, readers probably appreciate efforts to preserve historical buildings. Such efforts may have both financial and historical benefit. Boston’s historic district, for example, is a top destination for tourists to Massachusetts. 

But what about construction projects that seek to replace residential areas with new high rises or commercial construction? The existing structures may not qualify for historic status, yet they surely have meaning to their current residents. A recent project intended for the site of Amherst’s Carriage Shops provides context.

According to a recent article, more than three-quarters of the shop owners at Carriage Shops have accepted purchase offers to sell their co-op shares. However, the new owner isn’t planning on setting up shop. Although a formal development proposal has not been announced for the carriage shops, there is a rumored plan to tear the shops down. 

In this case, many of the co-op shareholders were small business owners. Yet a real estate acquisition lawyer can provide insightful advice even for small commercial property sales. At a minimum, an attorney can provide peace of mind to owners who may take comfort in having a second pair of experienced eyes look at their paperwork.

For example, a real estate lawyer can examine the transaction documents for potential pitfalls involving zoning, environmental regulations, title examinations or tax implications. A sale agreement can quickly get complicated, even for smaller properties. An attorney can help owners navigate through these issues.

Source: ABC 40, “Amherst Carriage Shop Business Owners Prepare for Move,” March 19, 2014