There are all sorts of obligations that people may have to take into consideration when it comes to commercial real estate transactions Aside from the details of a contract and handling a dispute, some people face challenges over tax matters. Commercial property owners may have to pay income taxes as well as property taxes and these important aspects of commercial real estate ownership should not be overlooked since the consequences for failing to pay taxes properly can be significant. We also understand how commercial property owners across New York may have many other obligations on their plate and that daily life can be quite stressful.
If you are unsure about which taxes you are required to pay, or the amount you will owe, it is pivotal to prepare yourself before tax season rolls around. Unfortunately, some people have overlooked this issue until it is too late, which can complicate things further. Before moving ahead with a commercial real estate transaction, you may want to consider the tax implications and you should definitely be prepared for how the deal will impact you from a financial standpoint and with respect to taxes.
Aside from taxes, there are many other potential hurdles that commercial property owners may encounter, and some of them can be tricky (especially for someone who has never worked through such a transaction before). Our website has a real estate law page which offers even more information on some of the different legal issues that are relevant for commercial property owners.