Buying commercial properties come with different perspectives, and one is the legal aspect of the decision and action. Getting legal help is important for these professionals are knowledgeable with the process. They can help you dig deep at every step to make the purchase happens. National Brokers Network’s know how important legal counsel is, so here are things you should know in buying commercial properties.
What sector is your commercial real estate?
The first thing you should consider before acquiring a commercial real estate is to determine what sector it belongs to. Is it industrial or multifamily? Or is it a retail office or for mixed use? No matter what sector it belongs to, your legal counsel will provide insights on the steps you need to take to fulfil legal requirements and push through with the purchase.
Each sector has its own set of requirements. That’s why as a commercial property buyer, you need to understand the requirements that involve each sector, such as environmental liability.
On the other hand, as a commercial property buyer, you also have a role to fulfil in the process. You need to do the requirements needed for permits and title of the property. In spite of this the duration of these processes, which could take weeks to years, you must process your permits early on to avoid delays and unexpected issues.
Do you have a structural engineer in your team?
After considering the requirements and addressing environmental liability issues, your legal counsel will eventually tell you to hire a structural engineer.
Structural engineers are essential to commercial properties for it’s their job to help in making sure the structures are safe and can withstand a certain amount of time. These professionals are in charge of looking at the structural integrity of the property and its developments, conduct surveys and inspections and perform their engineering duties.
Have you considered your financing source?
It is important for commercial property buyers to understand the different type of financing before processing your Letter of Intent (LOI) and contract.
Not only will this avoid any delays in purchasing the property, but also help you secure at least source a of funding for the purchase. Having delays in the securing a funding option will only lead to delays in purchasing the property or, worse, losing the opportunity in buying that commercial property you planned on buying.