Research shows that the industry for commercial properties throughout the United States, including in Massachusetts, is skyrocketing. This means that the industry is keeping up with the currently growing economy. As a result, more investors may be interested in going through the real estate purchase process in the near future.
In Massachusetts and other areas of the United States, older commercial properties have essentially become magnets to investors and tenants. A major reason for this is that these properties are often viewed as having more character than their more modern counterparts. However, before moving forward with a real estate purchase involving an older property, it is critical to determine if it is adequate from a technological standpoint.
If you are like many other people in Massachusetts, chances are that you have given more attention to planning an upcoming vacation than to planning your estate. However, estate planning is especially critical if you have completed a residential or commercial real estate purchase in another state outside of Massachusetts. Setting up a revocable living trust is a wise solution for addressing the estate and legal issues that can crop up when you have property in multiple states.
The commercial property industry throughout the United States, including in Massachusetts, is constantly changing due to the various factors impacting it. Some of these changes pose challenges to those interested in making a real estate purchase, but others present promising opportunities. Here is a glimpse at some of the issues impacting the real estate sector at the moment.
Whether new construction or part of an expansion, at times; public infrastructure projects like those related to highways, bridges and airports may infringe on the rights of private landowners. Via a process known as eminent domain, the government is allowed to legally take a private home or land parcel for public use. For a property owner who is directly impacted by eminent domain, it's important to understand the specific rules that apply as well as your legal rights.
From building materials to the actual construction of a structure, to ensure projects are completed on-time and on-budget, residential and commercial developers must rely upon numerous suppliers, contractors and builders. Unfortunately, despite a developer's best intentions, there are times when one or more of the parties that are involved in the building and construction process fails to fulfill their contractual obligations.
In a recent blog post, we began discussing the long-standing legal dispute between the city of Worcester and Green Landscapes, LLC over a 15-acre Crow Hill parcel of land. While the two sides have been litigating in court for years over the cleanup, development and ownership of a 4.3-acre portion of the undeveloped property; this past summer, in a behind-closed-doors deal, city council members voted to claim the land under eminent domain laws.
Worcester residents are likely familiar with the legal battle that has been waged for years between the city and the owners of 15 acres of undeveloped property at Crow Hill. While the area is zoned for the development of single-family residential units, such development is unlikely anytime soon as it's still unclear who actually owns the property.
Even in cases where an individual wants and files first for a divorce, the actual process is never quick or easy. There are, however, behaviors in which divorcing spouses may engage that make an already difficult situation that much more unpleasant. While many individuals enter the process pledging to rise above the divorce acrimony they've likely heard so much about, emotions can get the best of even the most level-headed and mild-mannered individual.
When most people start a new commercial business, they try to get it up and running a quickly as possible. Unfortunately, this is often easier said than done. The owners of a coffee shop slated to open in Worcester, Massachusetts, know this all too well. Though under the right circumstances one of the co-owners believes that the work necessary to get the business opened could have been done in three weeks, in reality, it has taken a year and a half to get to the point they are now--still unfinished.