Raleigh real estate lawyer Nikhil Vyas is a native Raleighian and has been involved in real estate since childhood. Literally. Vyas said, “I first encountered the operational side real estate when I was a child and accompanied my grandfather to his Lumberton properties.”
His father used his skills to create a successful medical practice. He also owned the early stages of his office buildings. Vyas’ mother has been operating hotels since before he was even born. Vyas stated that he was involved in commercial real-estate from an early age.
Vyas then took several courses at Wake Forest School of Law in real estate law.
Vyas Realty Law is currently working with shopping center tenants, land developers, buyers and sellers, as well as residential and commercial real estate.
Beyond the Comfort Zone
Vyas stated that while business owners may know a lot about their businesses (e.g. a restaurant or clothing store) they should ask for help when they venture outside of their comfort zone, such as when negotiating a lease for a property or a contract for its purchase.
“As a small business advisor, I draw on my experience in reviewing many different leases for office buildings and shopping centers. Vyas said, “I can help a company owner understand what is prohibitive to them and what is within their financial budget to provide stability downthe road.”
Potential buyers and tenants are often introduced to potential property owners by business or real estate brokers. Vyas advises clients to remember that although a broker is responsible for ensuring that the terms of the deal are within the client’s budget, the letter is not sufficient to cover all terms.
Structure the Deal
Vyas stated that there might be a discrepancy between what the client believes they heard from their landlord and the actual lease. It’s about structuring the deals in the most efficient way. It’s about structuring the deals in the best way possible. I have seen this from both the business and legal sides. Vyas stated that settlement statements are essential to achieving what you bargained for, even if it takes several months.
I believe it is important that people have an attorney review their contracts. The client can save money by doing their own research, but it is important that an attorney be present at the contract’s closing. Clients need to understand what they are signing.
Understanding Triggers
“When I represent business owners, I want them understand the triggers and other provisions that could cause them problems down the road. Sometimes, owners of businesses need to pivot and offer an additional product or service. Vyas explained that we want to ensure that they are able to do that without being restricted by other tenants.
Vyas provided another example. Anchor tenants can bring in significant foot traffic to a shopping center, which is a benefit for other tenants. If an anchor tenant isn’t stable or the tenant doesn’t have the option to restructure their lease, it could be a problem for them in terms of gaining visibility and walk up business.
Creating Value
Vyas stated that he understands entrepreneurs as he is one. Vyas said that a small law office faces the same problems as a retail shop, including budgeting, branding and managing employees. He also suggested forecasting the future.
“I have overcome many obstacles in my professional life and want to be able to help my clients better. I want to be a valuable resource for other business owners.”
The post Nik Vyas – Providing Value to Other Business Owners originally appeared on Attorney at Law Magazine.