When purchasing commercial real estate, some common areas of problems can be inspections and environmental problems. Also, you want to make sure you meet all your deadlines in the contract for financing. Those are just some of the areas where you can run into trouble and why it’s important to contact an experienced commercial real estate attorney.

(silence).Some typical closing costs in a residential real estate transaction include state of Florida documentary stamp taxes, recording fees, title insurance, loan fees if you’re borrowing money, a survey. There’s a variety of closing costs and each situation will determine whether or not those closing costs apply to you.(silence).

Well the difference between commercial and residential real estate is actually defined as what is not commercial real estate. Commercial real estate is considered anything that’s not a single family home or a multi family home with four units or less. In other words, everything else that’s real property in the state of Florida is considered commercial real estate. One of the primary differences between purchasing commercial and residential real estate is in residential real estate a seller is obligated to disclose all known facts that materially affect the value of the property. In commercial real estate, it’s buyer beware, so it’s very important for the buyer to obtain due diligence and to have proper representation when purchasing a commercial property.

Some of the key provisions in a real estate purchase contract are, of course, the purchase price, the closing date, a financing contingency, an inspection contingency, but there’s also a lot of smaller, little-known clauses that are important to the transaction. It’s very important to retain the services of an experienced real estate attorney to review the contract if you have any questions.

A build out in commercial real estate means oftentimes you’re purchasing a shell and it’s your responsibility as the tenant or the new owner to build out the interior of the premises. You can negotiate in the contract to have a build out allowance that either a landlord or a seller will provide you a certain amount of money for the build out.

How long your lease is is greatly determined by your individual situation. There are benefits to signing a long-term lease, including a reduced rent and not having to move in the future, but you also must consider whether or not your business is going to outgrow its space. It’s important to consult with an experienced Florida attorney that can help you determine whether a short-term or a long-term lease are in your company’s best interests.

It’s important to start with talking to a licensed, experienced commercial real estate attorney and also an experienced commercial real estate agent. It’s important to assess what type of space you need, how much space you need, and what part of town you need it in. An agent and an attorney working together can represent your best interests and help you on a smooth transition in your new business.

It depends. If you’re transferring the property to wholly owned subsidiary and literally nothing is changing in terms of the beneficial interest of the property, meaning you will still be the person that owns it after the transfer, then there is likely an exemption that you do not have to pay the documentary stamp tax on the deed.

It is very important to consider an environmental site assessment when you’re purchasing commercial real estate. There are many things to take into account including what the property has been used for in the past. If you’re obtaining financing, likely, the bank will require you to at least do a phase one environmental study to determine if there are any issues or anything that needs to be explored further.

Absolutely, in my opinion, the attorney and the broker play two separate roles in the transaction. A broker comes with the experience of real estate transactions in general, but you need an attorney to make sure that you’re covered on the legal side, that you’re meeting the deadlines and that you’ve incorporated everything into the contract that’s necessary to protect you.