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Buying, Selling and Leasing Commercial Property
Some issues you should consider when buying, selling and leasing commercial property,
are listed below.
1. Buying and Selling Commercial Property
When dealing with the purchase or sale of commercial property there are many
issues that should be considered.
*Services required such as fire and safety considerations,
*Requirements and/or restrictions related to the use of the property,
*Any proposed and/or in progress development plans in or near the building,
*Possible or Fact- environmental contamination in relation to the subject property,
*Is the subject property subject to a lease? What are the terms and conditions of the lease,
*Always ensure that a clear title is past on from seller to buyer,
*Purchase Price of the property,
*Mortgage dept,
*Cash that you invested,
*Annual Cash flow,
*Dept, services, supplies, payroll, insurance, etc. to operate just to name a few.
Key Words That Could Make The Difference In Your Location Decision
*Community Planning & Development
What are the plans for development in the area(s) you are considering?
What is the time frame for development?
*Department of Transportation
Good traffic flow will increase your business opportunities.
Understand how transportation planning works.
*Fire & Health Codes
Remember Fire & Health codes are generally absolute.
Meeting the new Fire & Health codes can be very expensive.
*Concurrency?
This means that your property meets all the current requirements in
order for you to developer the property more or less as zoning permits.
Be aware that this term may also imply a new traffic way that could
effect the development of your property.
*Condemnation & Eminent Domain
The governing body can acquired property without owners permission.
The first is by condemnation. the second is by Eminent Domain.
Condemnation is a way for city or community redevelopment authority
(CRA) to clear the way for new project development. There are certain
legal requirements that must be followed.
Eminent Domain are for the most part proceeding initiated by the
Department of Transportation. You sell your property, you do not have
to accept any of the offers but, you may end up having to accept a
offer unless the court rules in your favor at a higher price.
2. Leasing Commercial Property
Unlike residential leases, commercial leases are normally prepared by solicitors,
commercial brokerages, and real estate commercial agents. Some common issue
that you may need help with are negotiating, preparing your lease and perhaps
the most critical aspects are reviewing and understanding the terms and conditions.
*How is the rent payable and when,
*Have provisions been made to ensure security with bank guaranty or personal guaranty?
*Tenant's proposed use of the subject property,
*Will it require consent of the local authorities-Permitted use of subject property,
*Rights of the tenant to assign or sublease the subject property,
*Indemnities and releases provided by tenant,
*Tenant's obligations to maintain and make repairs to subject property,
* Option to renew the lease.
Please note: Leasing for retail markets such as; shopping centers, restaurants,
hairdressers and other like retail stores are subject to legislation that regulates this type
of lease and imposes obligations on both landlord and tenant.
3. Commercial Developer
Even small developer need to assemble the site, planning and meeting with associated parties that
have an interest in your planned development project. Many agencies will be involved at various
stages of development and some from start to finish.
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3. Commercial Developer
Even small developer need to assemble the site, planning and meeting with associated parties that have an interest
in your planned development project. Many agencies will be involved at various stages of development and some
from start to finish.
Chris Bruessel, Your Canyon Country Specialist! Search this site for Canyon Country CA real estate, Canyon Country CA homes for sale, Canyon Country CA new homes, and Canyon Country properties. Serving the Santa Clarita Valley and surrounding areas. Contact your Canyon Country Real Estate Agent Today!
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