Buying Commercial Real Estate for Your Business
Maybe you’re buying commercial real estate to house your business and you just need an attorney who knows real estate transactions to review the sales contract and make sure everything looks right. We can do that. The attorneys at Calkins Law Firm can usually review a real estate sales contract and get back to you in a day or two about any red flags and suggestions.
Maybe you need someone who knows the market, knows how to read real estate contracts and knows what should be in them. Our real estate attorneys have represented hundreds of buyers and sellers of commercial real estate over the years which means they can tell you the implications of what you’re about to sign. Our attorneys know what questions need to be answered in order to answer the big question, “Is this a smart decision?”
Each commercial real estate sale is unique, so the questions — specific to your situation — will vary but some questions you might need to consider when buying commercial real estate include:
- Is the property really worth what the seller is asking? What is it likely to be worth in the future?
- Who is doing due diligence and can we trust them to find any issues?
- Is the business assuming any liability for any violations or hazardous material cleanup?
- Should the business tie up this much capital in a piece of property?
- Should we ask for any reps and warranties in the sales contract?
Leasing Commercial Real Estate for Your Business
Leasing commercial real estate can be a smart move for your business. Leasing enables your business to keep cash liquid and leaves your options open should the business need to move. However, leasing can come with challenges as well: you’re not building equity in the property and the business might have to move whether you want to or not.
Part of the typical lifecycle of a new business is that the first lease is usually short term while you see if the business is going to grow. When a business does outgrow its first location, the second lease can have a profound impact on your operating budget and ability to further grow the business. That second (or maybe third) lease will typically be for a longer period of at least three to five years and if your business growth plans include any new lines of business, you might run into zoning issues.
Lease agreements are long and full of legalese. Even if you can read legalese for more than 30 seconds without falling asleep, is that really the best use of your time? Wouldn’t you rather pay an attorney who can read a lease agreement in a fraction of the time it takes most people. Would you even know if something important was missing or out of line? The real estate attorneys at Calkins law Firm have represented both owners and businesses that need to lease commercial real estate so know what should and shouldn’t be in a lease agreement.
To learn more about how our attorneys can help you when buying or leasing commercial real estate, call one of our offices in Chagrin Falls (440) 796-4592, New York (216) 200-7481, or Cleveland (216) 479-6892 today.