First things first, contact a real estate agent specializing in commercial property. When you find a suitable property, lot, and/or acreage, have a valuation prepared by licensed appraiser and obtain a Land Information Memorandum (LIM) on the property from the local city council. These documents will provide you with much information important in assessing the land’s value and potential uses. Also, it is important that you are clear on what type of entity you will use the property for. Your lawyer and accountant will help you in deciding on the best ownership vehicle for your situation.
Any successful purchase is the return from the property. It is important to check whether there are any personal guarantees given by a representative of the company selling the property. Again, before you make any offer on the property you should discuss the implications with a lawyer. Or if this is not applicable, the offer should be conditional on a lawyer’s approval that the title to the property is in order, as well as approval of zoning matters and of any matters disclosed by the Land Information Memorandum. The offer should also be subject to your approval of the terms and conditions of all leases and, where appropriate, to your borrowing being approved on terms satisfactory to you.
For any and all commercial real estate needs, please contact us for assistance, and/or start your commercial property, lot, and/or acreage search today.
~ Colleen Lane
Co-Owner, Broker, Realtor®
The Lane Real Estate Team
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Posted by Colleen Lane
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