How to Build Your Team for Your First Commercial Property Acquisition

by | May 16, 2017 | Law Services


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When you consider the number of dollars you have paid for renting commercial properties as a home for your company, should you have purchased your first commercial property earlier or is now a good time for you to build your team to complete the first purchase? Your team involves your real estate agent, accountant, financier and real estate lawyer in Minnesota.

Being Aware of The Cost of Purchasing Commercial Property

Unless your business has been extremely successful and provided a large cash balance, you are probably going to need to borrow money, based on your company’s previous experiences, to complete the purchase of commercial property.

Although you may consider the need to speak to a real estate agent first, you should have completed the rest of your team initially before looking for property to purchase.

Your choice of financier will help you understand how much money you are able to borrow so that the purchase can complete. You need to work closely with your accountant so you can agree the amount of money your business can support, each month towards regular payments and by carefully choosing your real estate lawyer in Minnesota, your team will become complete.

By contacting your real estate lawyer in Minnesota early in the process, they will be able to advise you and guide you about the problems relating to the purchase of commercial property. They will show you what to look out for and what to avoid as many properties are sold with specific rules governing the land and environmental issues. By choosing incorrectly, the purchase price may not change, but your associated costs will.

Your real estate lawyer can help you negotiate through the minefield of financing, commercial property purchase agreements, and real estate contracts.

By working closely with your team, everyone will understand your goals and targets so that your final decision will be planned carefully and the full strategy understood by everyone involved.

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