As a buyer of commercial real estate, you’ll either occupy the premises or simply collect rent from the tenant. Regardless, your consideration of the buy should revolve around three things: physica…
—Pending litigationOnce all of these are compiled, keep three things in mind when deciding to go forward and complete the transaction.Loan approval and the components of that approval — appraisal, environmental, financials take time. In most instances, it’s about 45-60 days if you and your lender are in sync and you provide your lender a complete package of information for your loan approval.
Make sure your agreement with the seller allows you adequate time for your loan approval and that you can extend the time frame if needed. While your lender is crunching the numbers, the appraiser is scouting the market for comparable sales, the enviro engineer is reviewing the records of previous hazardous uses; you and your team can busy yourselves conducting the balance of the investigation.
I would suggest that you have a commercial building inspector check out the building. You probably will want your lawyer to review the title report and discuss with you the most advantageous ownership entity for you. If you are planning to make changes to the building, an architect’s guidance is invaluable. The architect can also help you with city permitting and ADA path of travel concerns. Building those new offices or adding a truck loading dock will require a licensed general contractor. Team with one early – maybe have the contractor check out the condition of the building for you as well as the commercial inspector.
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