As more and more people decide to live on the West Coast and businesses flock there to take advantage of the huge talent pool, California is seeing a boom in real estate prices. Land is a big part of new laws and lawsuit in the Golden State, as there will never be more of it and the people’s demands on it are only intensifying.
Old agreements can leave a footprint on new real estate purchase agreements and the developments that often follow them. A piece of downtown San Diego that had slowly become a ghost town of businesses is now at the heart of legal motions as a new company seeks to develop it with retail options, homes and connections to local transit.
A former tenant of the plaza is suing the investment firm that owns the current property over the terms of the long-term lease that they hold on a section of it. The contract apparently states that the tenant has an interest in property developments that could affect the overall plans for improvements and changes. The owner may have to meet these demands or offer the tenant a significant buyout to keep their plans on track.
When the time comes to buy or sell real estate, especially when it’s part of a larger set of properties, it’s vital to plans for profit and development that buyers and sellers consider any obligations they are taking on. An attorney can help review the terms of a purchase agreement and any contracts that also relate to the building, complex or land.