Cedar Rapids Facilities and Real Property Attorneys
In 2018, a series of national and local news articles reported what Iowans already know: business is booming and new firms are coming to Iowa. New and growing businesses demand new space. As Iowa businesses explore different facility spaces and real property around the state, they will more than likely need to deal with a variety of complicated real estate laws, each of which may have a direct financial impact upon their business when a decision is made.
Entering into a legal contract, like a lease, without considering all of its implications, can lead to costly consequences. As such, it is highly advisable that Cedar Rapids businesses retain the services of an experienced business attorney who can help them navigate through the legal issues involved in any Cedar Rapids facilities and real property action.
In our non-traditional office, you’ll find a forward-thinking team of attorneys with thirty years of experience. The Cedar Rapids facilities and real property attorneys at Arenson Law Group, PC are prepared to help your business with any aspect involved in the acquisition, lease, or sale of a facility or property in Iowa. Hawkeye business owners know the value of personalized, dedicated service. Let our Iowa lawyers help you with all of your business property needs.
Facilities and Real Property
Our Cedar Rapids business lawyers can help you understand all of the legal implications involved in your acquisition or lease of any type of property. We work with the following forms of real property in the state of Iowa:
- Freehold Estates
- Non-freehold Estates
- Concurrent Estates
Additionally, if a dispute arises between your facility or real property manager and your business, our Iowa legal team may be able to help you pursue ligation. Alternatively, we can help defend your management company from any litigation pursued by your tenant.
Acquisition, Lease, and Sale
As a business owner, you may want to explore whether buying or leasing a space makes legal and financial sense for your firm. Acquiring facilities or real property might give you the peace of mind of long-term stability. On the other hand, leasing can allow for more short-term flexibility. In certain situations, your business interest may be best served by a less common property arrangement. We will be happy to explain all of the ways that you can acquire property in Iowa.
With the lawyers at Arenson Law Group, PC on your side, you can be sure that your acquisition or lease will be handled professionally and efficiently. If you find that the space you own no longer suits your needs, we can facilitate a sale. To understand your options, we’ve briefly explained some of the types of property we handle. These generalities should not be understood to apply to any particular situation. Always consult with a lawyer if you need legal advice.
What are Freehold Estates?
A freehold estate is usually land that you own outright or have rights to for life. Your ownership is not limited by any term. There are a few types of freehold estates, and we can help you and your business resolve legal issues related to any of them. These types include fee simple absolute, fee simple defeasible, and life estates.
- Fee Simple Absolute – Fee simple absolute is the most common kind of ownership. If you have a fee simple absolute estate, you will be able to keep it as long as you pay your taxes, stay up to date on your mortgage, and follow the law. You can also sell it, give it as a gift, and leave it to your heirs after your death.
- Fee Simple Defeasible – If you have a fee simple divisible estate, you own the property, but there may be certain restrictions or conditions you have to meet to keep the estate. When you receive the deed to a property, the terms will be outlined. Under those terms, you might have to maintain a certain type of land use, like farming. Or you may be restricted from changing certain aspects of the property. If you violate those terms, you could lose the estate.
- Life Estates – Finally, there are life estates. If you have a life estate, you own the property, but can’t transfer it or leave it to an heir as defined by the terms of the deed. You’re a life tenant. The life term is usually defined by the tenant who receives the life tenancy. In other words, the life tenant can keep the property until they die. At that point, it returns to the owner or designated survivor.
What are Non-freehold Estates?
Non-freehold estates are real properties in which the rights to that property are limited. If you have a non-freehold estate, you don’t own the property outright. They’re sometimes called leasehold estates. You may have a non-freehold estate and not know it because you rent your office space. Any kind of tenancy, whether defined by a lease or just rented without a contract, can be a non-freehold estate. Types of non-freehold estates include tenancy for years, periodic tenancy, tenancy at will, and tenancy at sufferance.
- Tenancy for Years – In this type of non-freehold estate, the landlord and tenant agree that the tenant will be leased for a specific period of time. It doesn’t have to be years, but it often is. At the end of the period, the tenancy is over and the tenant is expected to give up the property without notice.
- Periodic Tenancy – Periodic tenancies are defined by a set period of time, often a year. Unless the landlord or the tenant gives notice that they are terminating the lease, the lease renews automatically at the end of the period.
- Tenancy at Will – In a tenancy at will, the tenancy can end at any time. Like periodic tenancy, it can last for as long as the landlord and tenant both want it to. When either of the two parties decides to end the tenancy, “at will,” it ends.
- Tenancy at Sufferance – If a tenant has stayed on a property after the end of another type of non-freeholder estate, like a tenancy of years, the estate becomes a tenancy at sufferance. Unlike the other types of tenancies, this kind of estate is not made on purpose. The landlord may choose to evict the tenant because they’re not legally entitled to the estate anymore.
What are Concurrent Estates?
Also known as a co-tenancy, a concurrent estate is when a property is owned by more than one person. They own the property as a freeholder estate but share it. In Iowa, these co-owners can have joint tenancy or tenancy in common.
- Joint Tenancy – Concurrent estates can have owners who are joint-tenants. That means the joint-tenants are equal owners. If any of the owners die, their share of the property is automatically transferred to the other owner or owners. If any of the joint-tenants sell or transfer their ownership, the concurrent estate becomes a tenancy in common.
- Tenancy in Common – In a tenancy in common, co-owners of the concurrent estate can transfer or sell their portion of the estate. If any of the co-owners die, their share does not transfer to the other tenants. Instead, it goes to the people they designate in their will or their legal heirs.
Consult with a Cedar Rapids Facilities and Real Property Attorney
At Arenson Law Group, PC, our Cedar Rapids facilities and real property attorneys are prepared to assist you with the legal issues associated with leasing, buying, or selling facility or real property assets in Iowa. You can trust that our legal counsel will be confidential. To discuss the particulars of your circumstances with one of our Cedar Rapids business attorneys, please call our offices at (319) 363-8199 today.