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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.

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Newest Key West Commercial Properties on the Market

Prime location in Islamorada!  Pelican Plaza is located across from Founders Park.  Highly visible on US 1 with 1.69 acres. 5125 sf net leasable retail space with plenty parking. Asking $25 sf Triple Net Lease-NNN $10,677 Active

86701 Overseas Highway ISLAMORADA, Florida

10,334 SqFt

Professional Friendly Business Environment, hard to find small lease space suitable for office or storage, Unit C101 offers 342sf of space with windows and private bathroom. Elevated, concrete structure with off street parking. In addition to the monthly rent quoted is sales tax, Tenant is responsible for water and electric. Minimum one-year lease $725 Active

5570 3Rd Street C101 Stock Island, Florida

1 Baths 7,520 SqFt

Terrific investment opportunity! Commercial building with three ample leasable spaces and great visibility on US1. Building is in excellent condition with marquee signage with upgraded electrical and 120 feet of frontage. Units are individually metered and can function well for retail, office or food & beverage businesses. Ample parking in front, along the side and in the rear of the building.  Opportunity for expansion behind the building as well. $729,000 Active

30971 Avenue A Big Pine, Florida

3 Baths 2,271 SqFt

Listed $50,000 under appraised value. Rare opportunity to purchase the Historic 7 Mile Marina less than a mile from 7 Mile Bridge with over 360ft of US-1 frontage! Commercial property consists of protected marina, 3,600 sqft building. Marathon approved transferable building rights allowing 9,332 of commercial floor area, two tax keys totaling +/- 54,768 sqft or 1.25 acres. Property being sold ''AS IS'' no warranties or representations and no leases. Includes a deed restriction for neighboring property not to store straps within 75 ft of NE property line. Prior to 2014 fire, property had a 150 seat restaurant and office. $3,150,000 Active

1090 Overseas Highway MARATHON, Florida

2 Baths

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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

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