Purchasing commercial real estate can be a huge step! It can be a variety of things: fun, rewarding, scary, and it can skyrocket your business... As long as you abide by all the legal formalities.
One article from Women in Networking reads:
When purchasing commercial real estate there are common
tips that every buyer should consider. The typical tips include educating
yourself regarding responsibilities of owning commercial property. It
would be wise to seek the advice of a tax practitioner regarding the tax
consequences and to consult an attorney on how to structure the purchase
agreement to your advantage. If you are using the proceeds from the sale
of other property then you will want to consider the tax advantage of a
like-kind-exchange. You will want to have the property appraised and
inspected. You will also want to do your due diligence on the property
you choose and inspect the property’s documents. This may include any
leases and guaranties, title inspection, the rent rolls of the property, tenant
correspondence, contracts, real estate taxes and assessments with statements,
the building plans, operating statements, the most recent budget for the
property, all certificates of occupancies for the building, all permits,
licenses or other authorizations or approvals required by law, a list of the
personal property included with the sale, all warranties, prior surveys,
insurance policies and certificates of the tenants and all environmental
reports including any phase I or phase II reports pertaining to the property.
Atlantic Territories can help you with these steps! We can provide the professional guidance that you need to go through "all the hoops" the right way, the first time! If you're ready to purchase commercial real estate even for the first time please visit our website!
0 comments:
Post a Comment