Category: Lease

Things You Should Know About Buying a Vacant Land

Posted by David Chang on April 13, 2020 with 0 Comment

Sometimes it’s better to build your home than buy one, not necessarily because one is cheaper than the other, but largely because instead of remodeling a house to your taste, you get to build from scratch, be a part of the process and build to your taste. But for any of that to be possible, you have to, first of all, get land on which to build your home. And in every sense, purchasing vacant land can be very tricky, but the aim of this article is to highlight some simple tips that can get you started on buying vacant land.

Have your money ready

Having your cash ready for payment is important because your chances of getting a bank loan to purchase a vacant property are quite slim. This is because there is not enough guarantee for the bank, just in case they have to foreclose or sell it. However, getting a construction loan from the bank is relatively easier. But to purchase the land, you are most likely going to pay with your own money, before starting the process of buying a vacant property, ensure that you have your money ready.

Do all necessary checks

Before shelling out the cash for empty land, it is important that you hire a surveyor to survey the land. You should also carry out environmental testing on the land to see if problems like fuel pipelines, toxic waste, poor quality of soil, etc. may affect your proposed building project. Also, if you don’t understand zoning, invite the local zoning authorities to help explain zoning better. With all these in place, it guarantees your safety in your new home and neighborhood, and in case you have to sell the property in the future, you have great features as negotiating tools.

Is the land accessible?

Accessibility is just as important as the land itself. And by accessibility, it means two things – easy access to utilities and road. A piece of land may seem the perfect place to build a home, but problems with access to utility lines and good roads can be the things that will make it a challenge to live in the property. Accessibility does not only help you as the homeowner or occupant, it also increases the value of the property in case you have to sell the property.

Consider the neighborhood

Just in case you ever have to sell in the future, ensure that your home is built in a good neighborhood. Nearness to markets, good school area, residential area with low crime and violence rates are some of the essentials that you need first as an occupant and later, in case you have to sell.Buying a vacant property is extremely difficult when compared to buying an existing home, and if at all you have to tow that path, make sure you get all the possible assistance at your disposal. Chang Legal LLC Attorneys at Law is your go-to property lawyer. Get in touch today.

How To Promptly Close A Lease

Posted by David Chang on September 17, 2019 with 0 Comment

As people grow up, they are more than likely not going to stay in the same house their whole life. When an individual rents a house or apartment, they typically do not stay their whole life. Despite the fact that renting is a temporary aspect, some people want to get out of their lease earlier than expected, whether it is the tenant or landlord. Chang Legal is here to help you understand how you can get out of a lease earlier than expected.

Fixed Term Lease (1 Year)

Fixed term leases are generally one year long and both sides must agree to stay true to the lease the entire term. However, there are some exceptions to this lease such as a tenant violating the regulations of the lease, which gives the landlord the right to end the term early. On the other hand, if a landlord fails to meet the terms in the lease, such as not being able to provide livable conditions, then a tenant may end the lease legally.

Monthly Lease (30 Days)

A monthly rental agreement is a bit more straightforward than a fixed term lease, a tenant or landlord has the ability to be in a notice of leaving 30 days in advance, which means a tenant would still have to pay for the extra month they are spending in the rental.

Contact Your Real Estate Agent

Dealing with ending a residential lease can draw up some complications, this is why it is essential to speak with your real estate agent to see what can be done in your situation. Consulting with Chang Legal will benefit you and your situation, since we have been practicing real estate law for over 15 years.

For further information or to learn more about how we can support you, contact Chang Legal today. support you, contact Chang Legal today.

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Preforming An Effective Background Check On Your Landlord

Posted by David Chang on February 25, 2019 with 0 Comment

While you may think you’ve discovered a rental that is a perfect fit for you, do not be so quick to sign off on the dotted line. First, you should ask yourself how well do you know your prospective landlord? It is essential to know what type of landlord you’re going to have before you make any long-term decisions. Here are the top three tips when it comes to looking into your landlord:

Look At Public Records:

The most efficient way to get to know your landlord is searching public records to look at previous experiences. You can do this by researching your local government agency’s records online or by visiting your county’s courthouse to get information directly. Looking for red flags such as evictions, foreclosure proceedings, and other things renters are avoiding is essential.

Ask The Right Questions:

While it is traditional for the landlord to ask you, the renter, questions when you apply to live in a unit, you should also ask them questions. Learning about the move-in and move-out process and how they respond to repair requests is a crucial factor in making your decision.

When In Doubt, Trust Yourself:

At the end of the day, it is always best to trust your instincts. Whether the price is too low, lease terms are unclear, or you feel rushed into the process, it is the best to keep other options open.

For more information about preforming an effective background check on your landlord or to receive help with your decision, contact Chang Legal today.

The Pros and Cons Of Buying Real Estate For Your Business

Posted by David Chang on August 3, 2018 with 0 Comment

Are you a business owner that is wanting to expand your business by purchasing land? We here at Chang Legal are here to provide you the pros and cons of buying real estate for your company.

Positives To Purchasing Land For Your Business

– You will no longer have to pay out-of-pocket for renting or leasing a property.
– You will have to pay a lower amount in order to own the real estate for your business.
– Can be sold at a higher price than purchase, which will give you profit.
– You have the ability to rent out the commercial space to others when you are not utilizing the space, creating even more money for your business.
– No longer have to abide by the landlord’s rules and regulations. You have control with what you want inside your commercial space for your company.

Negatives To Purchasing Land For Your Business

– You will not be able to make major changes depending on the size and location of your business.
– If you want to expand your business, you most likely will have to move locations, which is a long process when you already bought the land.
– You are responsible for the maintenance, janitorial work, security, and resources of the property.

It may be a wrong move if you purchase land for your business when it is not necessary. For instance, if your business is looking to grow and expand farther, it is not a wise idea to purchase a small commercial space in a nearby city. Owning land is not for every business, it is smart to consider the options available before you consider buying land for your company. Consult with a real estate attorney, like us at Chang Legal, to guide you in making this decision.

To learn more about how we can support you in deciding purchasing land for your business or other real estate topics, contact Chang Legal today.

Commercial Lease Rates

Posted by David Chang on January 2, 2018 with 0 Comment

It can be difficult to understand how commercial lease rates work when you are looking to lease a commercial property. Since every situation is unique to every other, it may be confusing when you are comparing multiple properties to lease. It is essential to understand the factors that are associated with this, such as the current market, the size of the property, and what the preferences of the landlord are. Chang Legal is here to help you recieve a better understanding of commercial lease rates and what to look for when you may be considering leasing a commercial property.

Rates Per Month Or Year

When you lease a commercial property, there are many similarities as you would lease a residential property, such as fixed monthly or yearly rates. Monthly rates may work as simple as $2.00 for every 6,000 SF, which would be around 6,000 dollars per month. However, many landlord use a fixed yearly rate when leasing a property, such as $25 for every 6,000 SF, which would be around 100,000 dollars annually.

Gross Lease

In a gross lease, most of everything is all included within the fixed rate of the lease. This means the renter will not need to pay any of the maintenance, insurance, taxes, or any other type of fee associated with the property.

Triple Net Lease

In a triple net lease (NNN), the renter will usually have to pay a lower based rate for the property, as well as pay for all the fees that may come with the property. This includes maintenance, insurance, taxes, and any other type of fee that may come with the property.

When you are looking for a commercial space to rent, it is essential to know all of these things and knowing what you are responsible for once you sign the contract. It is crucial to contact a real estate attorney, such as us at Chang Legal, to ensure you know all the details associated with the lease. To learn more and how we can support you through your real estate questions or concerns, contact Chang Legal today.