A STEP-BY-STEP APPROACH TO COMMERCIAL REAL ESTATE TRANSACTIONS
Feb. 3, 2021
For Florida residents and businesses involved in commercial real estate, there are usually three aspects to these types of transactions: purchases, development and sales. No matter what step you are on, details are crucial. Lack of attention to detail can jeopardize commercial real estate transactions to the point that the entire deal might be called off. A step-by-step focus on each part of a transaction can help guard against such problems.
Commercial Real Estate in Florida
In a purchase or acquisition of commercial real estate, both parties may initially be focused on one aspect of the deal: the purchase price. However, even if that part of the transaction is agreed upon rather easily – no certainty, in some cases – there are other details that need to be addressed. “Due diligence” is a term many of our readers may be familiar with, and this can be a key part of a purchase or acquisition of commercial property. Property inspections, environmental reports, issues with tenants – some or all of these issues, among many others, could be part of the deal.
Development Deals and Zoning Issues
In development deals, the focus is usually on the use of the property – or intended use. This could lead to zoning issues, which could require variances or even special permits. The administrative parts of development deals can be time-consuming and costly, which means that the right approach is key to getting to the finish line. Lastly, in a sale of commercial real estate, the seller will want to make sure that, upon receiving a valid offer, the transaction goes smoothly. A seller can help in this regard by making sure that there are no hidden issues that could make the deal go sideways, and that the purchase agreement is drafted correctly.
At our law firm, we help our clients in Florida who need to push through legal issues when it comes to commercial real estate transactions. For more information, please visit the commercial real estate overview section of our law firm’s website.