3 Considerations to Make Before Purchasing Commercial Real Estate
Purchasing commercial real estate can be complex, particularly without the assistance of an experienced commercial real estate attorney. If you need commercial space for your business, don’t make a purchase without first consulting a lawyer to discuss your unique legal needs and how to ensure that the purchase transaction goes smoothly and in your favor. Here are three considerations you must make before buying commercial property.
1. Zoning and Land Use Laws
Zoning is one of the most important considerations to make when purchasing commercial real estate. According to Florida law, your commercial land must be zoned properly for business. Depending on your type of business, you may need a commercial space with unique zoning laws. Failure to purchase a property that is properly zoned for your business can lead to unwanted legal ramifications.
2. Title Examination and Issuance of Title Insurance
When you purchase commercial real estate, you will receive a deed to the property. The deed to the property will not show if there are any liens currently on the property, meaning you will not know whether the title to your property is free and clear without examining the title. An experienced commercial real estate attorney can help you examine your property title to ensure there are no open liens help you obtain title insurance. Title insurance will protect you against undisclosed third-party claims against the title.
Before you purchase commercial real estate, it is critical that you have the property inspected.This is also called a Property Condition Assessment, and it is similar to a residential home inspection. For example, the inspection will determine if the property is properly outfitted with heating, plumbing and cooling, as well as ensuring that the electrical systems in the building are working well. However, there are some additional inspection points that may be required for a business, such as assessing the property for compliance with the Americans With Disabilities Act (ADA), asbestos inspections, and assessment of the indoor air quality.
Contact an Experienced Attorney Today
A commercial real estate purchase is a significant financial transaction, and it’s one that you’ll want to be confident in making. The experienced commercial real estate attorneys at Knott | Ebelini | Hart have substantial experience assisting clients in making solid commercial real estate purchases and can help ensure that your transaction is smooth and complication free. Our attorneys will always let you know where you stand and what the legal options available to you are, so you can make an informed decision about matters that are critical to your business.
Contact us today for a consultation to discuss your commercial real estate needs in detail by calling (239) 334-2722.
May 17, 2015 Share This