Considerations for commercial real estate purchases
On behalf of Kadish & Associates Law Group posted in Commercial Real Estate Transactions on Thursday, September 13, 2018.
Buying property for your business is a big undertaking. This is a long-term investment that should be taken seriously. There are many different points to think about when you are trying to determine if a property is the best one for your needs.
One of the primary considerations that you need to think about when you purchase commercial property is where the property is located. The area should be able to support your business. For example, a veterinarian’s office specializing in large farm animals would be better suited to a rural location instead of the middle of a metropolitan area. A computer store would be better suited for a metropolitan area rather than being placed in the middle of vast farmlands.
After you find a location you think will work for your business, you need to look at the zoning and land use for the area. This information is important because it lets you know if you can house the type of business you have there. If there are issues with this, there is a chance that you might be able to have it rezoned or the intended land use updated to reflect your needs.
Because you don’t want your purchase to become a liability, you need to ensure that you look through everything related to it. This includes the payments, insurance and other factors that might impact the bottom line for your company.
There is a chance that issues might arise during the purchasing and closing process. It is best to fully understand the legal options you have before you make decisions about how to proceed.