Purchasing a commercial real estate property is an exciting step toward beginning or expanding your business. However, real estate transactions are complex affairs that hold the potential to introduce many complicating factors.
If complications do arise, they can result in scenarios that negatively impact your business or cause the transaction to fall through entirely. By familiarizing yourself with some of these possible factors, you can prepare accordingly and proceed with confidence.
Many aspects of the property can affect its viability for business. This makes it even more important to conduct multiple, thorough inspections as compared to a residential real estate transaction. Consider hiring a building inspector and surveyor as well as working with the Georgia EPD for environmental testing before signing any contracts.
Inaccurate property valuations
The asking price for a commercial property can sometimes seem excessive in contrast to its apparent ability to generate revenue. Seeking a second opinion before committing is a prudent decision that can mitigate the risk of complications stemming from inaccurate valuations.
Before finalizing any real estate transaction, it is crucial that you take steps to understand the liabilities you are assuming. Not only can a contract hide ownership responsibilities such as tax obligations, but you might also unwittingly accept liability for any legal violations occurring on the property.
Navigating a commercial real estate transaction can be difficult, all the more so when complications emerge. Addressing every point of uncertainty ahead of time can help ensure that no unpleasant surprises rear their heads as you work to achieve your business goals.