When buying a home, one wants to make sure the property is in good repair, that it passes all necessary inspections, that it meets one’s needs and that one has financing in place. The same can be said for commercial real estate. Buying commercial property is a big investment. Oregon residents who wish to take this kind of thing on may want some assistance to ensure a smooth acquisition process.
Before looking at property, identifying financing is a must. One needs to know how much he or she has to work with. Having financing figured out from the get-go will help the acquisition process move along quickly.
After financing is in place and before agreeing to a commercial real estate purchase, it is good to do a little research on the property first. One will want to know what the property can be used for, if there are any easements one needs to be aware of, if there are any environmental concerns or limitations, and if there are any permit or title issues that need to be addressed — among other things. Failing to do one’s due diligence will likely cause problems down the line.
Whether one is new to the commercial real estate scene in Oregon or has been in the game for a while, there are certain aspects of the purchasing process one should not go through alone. There simply are a lot of risks associated with this type of purchase and a lot that can go wrong if one fails to take certain steps. Legal counsel can help identify the right kind of financing for one’s needs, investigate any potential legal issues with the property and ensure contracts are written with the client’s best interests in mind.