Purchasing and selling a property can be a complex process with many resources available for buyers and sellers. A Baton Rouge office building recently sold to a local investor for $1.1 million. A Baton Rouge investment company recently sold the office building to a dentist and the corporation for which the dentist is the sole member. The 5,600 square foot office building was built in the early 1990s. A representative for the seller noted that the building was extensively remodeled in the past few years. A civil engineering firm leases the building and recently accepted the option to continue to lease the building.
The seller's representative noted that the office building was in a great location and was a great investment. Whether the purchase of a building is for growing and expanding a business or an investment, it is helpful to be familiar with the process beforehand to know how to approach it to help achieve a successful and beneficial deal for the parties.
The sale of a property requires due diligence beforehand to determine that the property is a good investment, whether it will be used for a growing business or as an investment property to lease out as one example. It is also necessary to negotiate and draft and purchase and sale agreement that accurately reflects the agreement between the parties and protects their interests. Financing may need to be secured and the process must be ushered through to a successful closing.
Because there are so many working parts associated with the purchase or sale of a commercial property, both buyers and sellers should be familiar with the legal resources that help drive that process. Legal resources are available to help guide the parties through a successful transaction.