Why BUY commercial property With Us?
Whether you are purchasing a small commercial property for the first time or thinking about adding another property to your portfolio, no two properties are alike and must be evaluated very carefully. For example, if purchasing a gas station property is quite different than purchasing a single tenant commercial building or small strip center.
In addition to the above, leasing commercial real estate is unlike residential property. It is critical to understand the terms of a commercial lease in detail since many of the rules for residential real estate are simply inapplicable in the commercial world. With LCRG, we will represent you every step of the way from finding a suitable property, preparing and negotiating the purchase agreement, reviewing the commercial leases, title reports, forming a legal entity such as an LLC, and handling all escrow matters.
If you are interested in purchasing commercial property, let us help you find the right investment and our attorneys will handle the legal challenges that lie ahead.
LEGAL ISSUES WHEN BUYING COMMERCIAL PROPERTY
There are many legal issues associated with buying commercial property. Our attorneys at LCRG can help with the following common issues a buyer will face:
- Drafting and Negotiating the Purchase Agreement. This agreement will control buyer’s and seller’s respective duties and responsibilities throughout the transaction.
- Reviewing Title Issues. Often there are restrictions on title through CC&Rs that may limit the use of the property.
- Advising you on Escrow Deposits. With poorly drafted contingency clauses, a buyer could face losing a substantial deposit if the sale does not go through.
- Assisting you with 1031 Transactions. If not done properly, you won’t receive the tax advantages you are seeking.
- Reviewing Environmental Issues. If there are issues such as soil contamination, your investment could end up becoming a financial drain rather that the investment you wanted.
- Commercial Lease Agreements. If you are purchasing a multi-tenant property it is crucial to understand the details of each of the tenants’ leases.
The above are just examples of some of the many issues a buyer must watch out for when purchasing commercial property. Call us to further discuss any of these issues and how LCRG can help you with your next commercial investment.
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