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.
May 11, 2020
In these unprecedented times, there is not a business that hasn’t been affected in some way. Many companies have had to close their doors temporarily. Others have learned that it is possible to operate their business with all staff working from home. While we are not through these challenging times, there are signs that […]
March 31, 2020
As a small business that has built deep relationships with our clients and our community, we have been searching for a way to help our fellow businesses and we believe we can. We know our clients and the business community overall are focused on keeping their employees safe at the same time as […]
June 20, 2019
When it comes to commercial real estate investing, everyone has to start from square one. Investing in commercial real estate for the first time can present you with a fair share of decisions to make that will impact the overall success of the deal. Finding commercial property for sale that meets your business needs and […]
© 2019 Rakow Commercial Realty Group | 10 New King Street - Suite 212 White Plains, NY 10604 Phone: (914) 758-0220 Ext 13 | 6 Landmark Square - 4th Floor Stamford, CT 06901 Phone: (203) 769-9940 Ext 13 | 50 Tice Blvd Suite# 340 - Woodcliff Lake, NJ 07677 Phone: (914) 422-0102
Digital Solutions by Zero Gravity Marketing