As with any major transaction, leasing commercial property carries certain risks. You can minimize the risk, though, by ensuring that you have a solid lease agreement.
Do you understand your commercial lease terms?
What is a leasehold?
The concept of leasehold property has been a part of the Hawaiian real estate terrain for many decades. While many single-family properties on the islands have switched to fee simple ownership that is similar to a more conventional purchase of a home or property, the leasehold option remains a common one here, particularly on Oahu in Waikiki, Downtown, Makiki and the University areas.
Why you need a real estate attorney
Whether you are buying or selling a home or commercial property, you are undertaking a significant financial investment. A typical home purchase may seem very standard and straightforward. A seller enters into a brokerage contract with a real estate agent and the agent handles finding the buyer, negotiations, a contract for sale and the purchase agreement. It seems pretty simple, however, any real estate transaction can have risks and complications, it is wise to have a knowledgeable attorney to look out for your rights and help you ensure that the contractual agreement you are entering is solid, in your best interests and that there won't be any surprises down the road.
