• Favorites
    • Sign up/Log in
    •  305-296-1400
    •  Email
    •  Locations

Commercial Real Estate in Key West & the Florida Keys by RE/MAXCommercial Real Estate in Key West & the Florida Keys by RE/MAX

  • Menu
  • Home
  • Commercial Search
    • Commercial Property Search
    • Our Commercial Properties
    • Newest Commercial on the Market
  • Property Types
    • Bars & Restaurants
    • Office Buildings
    • Marinas
    • Hotels/Motels/B & B’s
    • Investment Properties
    • Leasing
    • Industrial/Warehouses/Other
    • Business Opportunities
    • Multi-Unit
  • Selling Your Property
    • Commercial Property Valuation
    • Residential Property Valuation
  • Search by Area
    • Key Largo
    • Islamorada
    • Marathon
    • Big Pine Keys
    • Key West
    • Duval Street
  • Residential Search
  • About
    • About Us
    • Meet the Team
    • Client Reviews
  • Blog
  • Contact

Four Legal Tips For Purchasing Commercial Real Estate

There are legalities involved in purchasing any real estate, and that’s especially true when dealing with commercial real estate purchases. Even if this is not your first time purchasing commercial real estate, make sure you are legally covered in every aspect. You really should be working with a good real estate agent and attorney, but it’s also helpful to know a little bit about what legal aspects you need to be concerned with. This list is not all-inclusive, but it’s a good start to giving you an idea of the legal processes involved in purchasing commercial real estate.

Four Legal Tips For Purchasing Commercial Real Estate

  • Know the sector of commercial real estate
  • Know requirements regarding the sector of the property
  • Consider investment risks
  • Research permits and title

A sector is nothing more than a subtype of structure. Are you purchasing an industrial warehouse, a retail building, an office building, or a multifamily unit (such as an apartment complex?) Once you have identified that, you will have a much better understanding about the titles and permits you will need later on down the line.

Next, you’ll need to understand that you will have to abide by all federal and state laws involving the sector you deal with. This could mean things like non-discriminatory practices for screening tenants, or complex laws involving the EPA (Environmental Protection Agency.) This is why it’s a really good idea to have some legal counsel in your pocket, to address things you may not even be aware of. Laws vary from state to state, so don’t assume you will be operating under the same guidelines if you own multiple businesses in the same sector across the span of several states.

Investment risks are inevitable, but must be legally handled. It is smart to have a commercial assessor come out to the property you plan to buy and give you an honest assessment of what the value is regarding what exists, as well as what it may take to replace it if something should happen such as a natural disaster. You will want to have specific insurance on your commercial property, and all losses are not necessarily covered under one policy. Make sure you understand explicitly what types of losses are covered and if supplemental insurance  (such as flood insurance, for example) is something that you may need.

When it comes down to it, nothing is more important for the operational aspect of the commercial property that you purchase than permits and title. These are state-sanctioned, and may vary by county and city ordinances as well. It can be a time consuming process to get all the licenses and permits in place, so begin early – it may be several months up to a year. Consider if special permits are needed for your commercial property as well (such as an alcohol permit, if you plan to buy a restaurant or bar.) Learning what you need early in the process and keeping a notebook to check things off will keep you organized. Make sure that once licenses, permits, and titles are obtained, you keep them and copies of them in secure places. You may be required to display a permit at your commercial property, but also keep a copy in a safety deposit box and be sure to check when permits need to be re-applied for frequently.

In the meantime, check out these 1-click searches:

  • All Businesses for Sale
  • Office Buildings
  • Hotels, Motels & Bed & Breakfasts
  • Bars & Restaurants
  • Marinas for Sale in Key West
  • Investment Properties
  • Business Opportunities

Newest Key West Commercial Properties on the Market

Now available is a majority interest in the Courthouse Business Center. Offered are 3 of the 37 individual units. These popular one-room offices were built new in 2001. Located in Old Town Key West at the entrance of Truman Annex at the corner of Thomas and Southard Streets. Offices are on both 1st floor and 2nd floors, building provides shared kitchenettes, restrooms, and a shared parking lot. Size of the units range from 123sq.ft. - 171sq.ft., total 445 sq.ft. All three units are on long term leases until 2027 with the state of Florida. $383,725 Active

302 Southard Street 3 Units for Sale KEY WEST, Florida

4 Baths

First time on the market in 38 years. This attractive multi-family apartment building is in a very desirable Old Town location on Grinnell Street between Olivia Street and Truman Avenue. The property has seven non-transient rental licenses and is currently configured as six units composed of two studio apartments, three one-bedroom units and a two-bedroom unit. All units have exterior entrances, share an on-site washer and dryer and separately metered for electricity. The building is located in the X zone and is in good condition with CBS construction and a metal roof. This property would make excellent employee or staff housing. Rental income and annual expenses are available. Advance notice is required for all showing. $1,995,000 Active

909 Grinnell Street KEY WEST, Florida

7 Beds 6 Baths 2,790 SqFt

Office suite for lease at 1010 Kennedy Drive #302. Enjoy a freshly painted personal office suite offering a professional work environment with elevator access to 3rd floor and shared bathroom. Each office suite is private and quiet. Rent includes internet, electric and water, association dues, building maintenance, insurance and access to board room for meetings or group zoom calls and training. Unit 302-2 is approximately 160sqf and offered furnished or unfurnished with receptionist to greet clients, receive mail and packages. Base rent is $1100 plus sales tax. $975 Active

1010 Kennedy Drive 302-2 KEY WEST, Florida

1 Baths

Office suite for lease at 1010 Kennedy Drive #302.  Enjoy a freshly painted personal office suite offering a professional work environment with elevator access to 3rd floor and shared bathroom. Each office suite is private and quiet. Rent includes internet, electric and water, association dues, building maintenance,  insurance and access to board room for meetings or group zoom calls and training. Unit 302-1 is approximately 215sqf and offered furnished or unfurnished with receptionist to greet clients, receive mail and packages.  Base rent is $1100 plus sales tax. $1,100 Active

1010 Kennedy Drive 302-1 KEY WEST, Florida

1 Baths

View ALL

Posted in: Business Loans, Business Solutions, Buyers, Buying Commercial Real Estate Tagged: commercial real estate permits, four tips for purchasing commercial real estate, legal aspects of commercial real estate, legal issues and commercial real estate

About Curtis A. Skomp, CCIM

Subscribe to our mailing list

* indicates required



Primary Interest *

Describe Yourself *


Post navigation

« Three Aspects Lenders Consider When You Apply For A Commercial Business Loan
Three Great Businesses For Commercial Property In Key West »

Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

View RE/MAX All Keys Real Estate Key West location on Google

Key Largo Office

RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

View RE/MAX All Keys Real Estate Key Largo location on Google

Miami Office

RE/MAX Advance Realty
305-444-7111 Office

Business Address:
11010 SW 88th St. Ste. 200, Miami, FL 33176

View RE/MAX Advance Realty South Miami location on Google

© 2023 · Curtis A. Skomp, CCIM · 305-304-0084 · Sitemap · IDX Sitemap · IDX XML Sitemap · Commercial Properties Key West FL
Disclaimer - All Rights Reserved by RE/MAX Commercial

Licensed in Florida | Key West FL Commercial Real Estate

AREAS WE COVER:

33040, 33043, 33042, 33050, 33036, 33037
Key West, Stock Island, Big Pine Keys, Marathon, Islamorada, Key Largo

Log in · Agent Center Page · Real Estate Website by Real Estate Websites by YourSiteNeedsMe.com