This blog recently discussed the importance of parties protecting themselves during a commercial real estate transaction. A Baton Rouge office building recently sold for $746,000 and is considered a unique office building for the area. The building is a 4,200 square foot building. The office building also backs up to a swamp. A representative for the buyer in the transaction noted that it can be challenging to find office buildings that are free standing and between 4,000 and 5,000 square feet.
The buyer is planning to use the office building instead of the one that he is currently leasing. Sales and purchase of commercial real estate can be complex but also important for many businesses and business owners so it is helpful to understand the sales and purchase process. At the beginning of the process, it is essential to conduct due diligence and thoroughly research the commercial real estate opportunity.
Next, it is also important to ensure that the purchase and sale agreement is drafted to reflect the negotiated sale and also to protect the interests of the parties to the transaction. Carefully drafting a contract for the purchase and sale of the property can help avoid problems down the road and lay the foundation for a successful commercial real estate transaction.
To help ensure as smooth a commercial real estate transaction as possible, it helps to understand all facets of the transaction and important legal components of the process. Utilizing important legal protections and understanding the process can help with the purchase or sale of commercial real estate.