May 16, 2019
If you are in the market for commercial property for sale, you need to make sure you cover all of your bases from a legal perspective. There are plenty of state and local laws that can make or break the purchase of a commercial real estate. After you’ve found the right office space real estate to purchase, the last thing you want is to have the closing held up over legal matters. Keep reading on below to learn some important legal tips to keep in mind when purchasing commercial property so that your transaction will go as smoothly as possible.
Due diligence is an absolutely essential aspect of purchasing commercial property for sale. In order to successfully handle due diligence for commercial property for sale, you need to identify what sector it is. For example, you might be purchasing real estate in the industrial, retail, multifamily, office, or mixed-use sectors. It’s important to determine what sector the property is in because there are certain legal regulations and requirements that are specific to certain sectors.
It’s always a good idea to look into hiring a structural engineer to help out when you are purchasing commercial property for sale. They will help to make sure that the building is safe and will continue to be safe after the purchase. They can review the structural integrity of the property as well as conduct a Property Condition Assessment. Basically, it’s a good idea to have an expert assess the current state of things like the foundation, roof, HVAC, landscaping, and fire systems of the property before you move forward.
You will have to obtain the required permits and titles for a property depending on what sector the office space real estate is in. Sometimes it can take weeks and even months to get things squared away in terms of permits and titles. It all depends on the local regulations and what type of real estate you are purchasing. Don’t cut corners with this step, otherwise, you could significantly delay the entire purchase process.
The legal aspects of investing in commercial property for sale should not be overlooked. It’s absolutely crucial that you take the tips mentioned above seriously so that your purchase will go as smoothly as possible. You can always reach out to an experienced broker like Rakow Group for advice if you need additional assistance.
September 13, 2023
A buyer/tenant representation agreement is an important contract, particularly if you are a buyer searching for commercial properties in your local area. Commercial buyer/tenant representation is critical if you invest in local commercial property, as a qualified commercial real estate brokerage will best represent your needs and advocate for you throughout the transaction process. But […]
August 31, 2023
Purchasing the perfect commercial property is the first step toward growing your portfolio and generating a return on your real estate investment. Whether you have purchased an industrial warehouse designed for a large business or a retail development fit for multiple storefronts, the next step is finding suitable tenants. A good tenant will pay their […]
August 31, 2023
Diving into the world of real estate investment can be a thrilling experience – but it’s important to approach your new venture with reliable information and accurate data. Understanding the difference between commercial and residential real estate will allow you to make the best decisions for your portfolio and develop an investment strategy that yields […]
© 2019 Rakow Commercial Realty Group | 10 New King Street - Suite 212 White Plains, NY 10604 Phone: (914) 422-0100 | 6 Landmark Square - 4th Floor Stamford, CT 06901 Phone: 203-359-5703 | 50 Tice Blvd Suite# 340 - Woodcliff Lake, NJ 07677 Phone: 201-416-6112
Digital Solutions by Zero Gravity Marketing
Thanks for choosing RakowGroup! We look forward to speaking to you about all your real estate needs.