3 Critical Steps When Buying Commercial Real Estate
If you’re in the process of looking for a commercial real estate investment, you’ll want to do a lot of research, ask several questions, and hire experts such as a South Florida commercial real estate lawyer who can give you unbiased advice on whether or not it’s a good deal for your requirements. Below are three of the most critical steps that you need to take before closing on a deal, but keep in mind that this is far from an all-inclusive list.
Consider several properties
It’s a good idea to tour several potential properties before you make a final decision, and try to find out what the benefits and disadvantages of each potential location are. Your attorney can give you advice based on their knowledge, and you should also let your broker know that you want to see all of the potential options that might work for you. You’ll never want to close a deal on the first or second property that you see because you might find something in a more ideal location, at a better price or in better condition.
Assemble a team of experts
Your commercial real estate purchase is likely one of the most important deals of your life, and so it pays to hire a team of experts who can advise you along the way. Hiring a good commercial real estate attorney, an accountant, and an experienced commercial broker is recommended at the very least. Make sure that your broker has a good reputation with enough experience in commercial real estate to properly advise you. Your attorney should also be knowledgeable about property law, commercial real estate contracts, and have experience in the area that you are looking to invest in.
Determine your financing
It certainly helps to get your financing in place before you start looking for commercial real estate options. Consider the different options that you have available at banks, credit unions and mortgage companies. Find out what you’re eligible for and look into alternative financing options like leasing, seller financing, and private financing if necessary. Your attorney or broker can often help you with this, and the sooner that you get it squared away the better, as it will allow you to focus on finding the best property for your goals.
Mark Schecter at Schecter Law is one of the most experienced South Florida commercial real estate lawyers in the area who can help you with any aspect of preparation for your next deal. Contact Schecter Law today at (954) 779-7009 to learn more.