No matter the type or size of the project, real estate developers face a wide range of challenges. This is especially true in New York, which has long been the hub for real estate development. From inception through construction and sale, the field of real estate development involves many different interested parties engaged in an endless stream of legal transactions, and the risk of litigation is always present. Real estate development lawyers play a vital role in the process. Whether you are a developer, investor, buyer, seller, or tenant, here is what you need to know.
What does the real estate development process entail?
Real estate development is a complex process that covers the acquisition, financing, improvement, and finally the sale or leasing of residential, commercial, and industrial property. Land developers focus on purchasing unimproved property and enhancing it with the infrastructure needed for later construction. Building developers generally concentrate on acquiring raw or improved property in order to erect structures for sale or lease.
Real estate development projects involve intense planning and coordination of efforts among many different professionals. In addition to developers, projects often require the services of:
- Architects, planners, and engineers
- Contractors and suppliers
- Banks, lenders, and institutional investors
- Property managers
- Risk managers, such as insurers, title companies, surveyors, and appraisers
- Accountants
- Brokers
- Government officials, like building inspectors, zoning boards, and regulators
The industry is highly competitive, and the business is a long-term and capital-intensive endeavor. With so many players involved in the process, it’s no wonder why real estate development projects are susceptible to legal disputes.
What is real estate development law?
Real estate development law is not defined by any single substantive practice area, nor is it limited to traditional real estate law topics relating to the acquisition, conveyance, and leasing of property, or eminent domain. On any given project, legal issues may arise on matters involving the following practice areas:
- Contracts
- Tax and Finance Law
- Corporate, Partnership, and Limited Liability Law
- Securities law
- Bankruptcy
- Insurance law
- Environmental law
- Municipality law
- Land use and zoning law
- Construction law
Lawyers who represent real estate developers play several roles ranging from advisor, deal facilitator, negotiator, drafter, and enforcer. Lawsuits may arise from disputes with lenders and other property owners. Real estate development litigators are often retained to handle land use and zoning disputes. Attorneys in this field may also handle matters concerning real estate partnership interests, design and construction defects, contested easements, and condemnations.
Choose Levy Goldenberg LLP
In order to achieve a client’s objectives, lawyers practicing in the real estate development field must not only possess a broad working knowledge of the various legal disciplines but must also understand the ins and outs of the business and the inherent risks involved. The team of attorneys at Levy Goldenberg LLP, New York’s leading real estate litigation and business law firm stands ready to assist you with your development project and to advise you of your rights if a dispute arises. Contact us today to discuss your case.