Article provided by: Meltzer, Lippe, Goldstein & Breitstone, LLP
Meltzer Lippe is a leading attorney firm in NY, and we practice all types of commercial real estate transactions. For assistance with estate planning, drafting and implementing of legal documents; contact our estate planning lawyer in Long Island.
Steps involved in buying a commercial real estate
When you start a new business, leasing a property becomes one of your significant investment decisions. Knowing the steps involved in purchasing a commercial lease estate can prepare you for what is to come:
- Based on the needs and goals of your business, search for a property that fits your vision. Start working on your financing options even before you look for a commercial real estate property to narrow down your property search based on your affordability.
- Hire a commercial real estate agent and a commercial real estate attorney to help you with finding the right property and negotiate the lease agreement. Weigh the risks against the strengths before leasing a property.
- Once you decide to close the deal, make an offer with a contingency clause. Make an offer with an inspection contingency so that you can opt-out if the property doesn't pass the inspection. If all goes well, set up the insurance and review other essential documents for litigations, if any, with the help of a lawyer.
Speak to our estate planning lawyer in Long Island for help with lease property agreements and negotiations. We are among the very few firms to offer top-notch attorney services at affordable prices.
How long does it take to close a commercial real estate deal?
Commercial lease property can involve 30 days in due diligence, 50 - 60 days in financing contingency, and the closing can take anywhere from 2-3 weeks after the expiry of other contingencies. On an average it can take anywhere from 80 - 90 days to close a commercial real estate deal.
The expertise of an attorney plays a major role in the duration involved in closing a lease property. Hire one of our skilled attorneys to save time and money in commercial property leases.
What's due diligence in commercial real estate?
Due diligence is the period that follows the signing of a contract. This period allows the buyer to conduct a professional inspection on the property to decide whether to lease it or not. During the stage of due diligence, you must work on conducting a property inspection, environmental inspection, gather valid documents relating to the property, and conduct zoning checks.
Once the period of due diligence expires, your deposit money becomes non-refundable. However, until the expiration, you still have the option to walk away. Make sure to hire a skilled team of experienced professionals to conduct the required inspections and to verify the legal documents.
Are you in search of an estate planning lawyer in Long Island? At Meltzer Lippe, we represent both purchasers as well as the sellers of real estate loans and offer assistance in all transactions associated with closing loan sale, and purchases. Call us today for legal advice.Estate Planning Lawyer Long Island
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