Bernstein & Feldman, P.A.

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Tips for commercial real estate novices

Maryland business owners interested in purchasing in commercial real estate for the first time may want to know what to look out for before they do so. It is important that they make their decision carefully.

It is important to completely understand the risk associated with purchasing commercial real estate. Being aware of market trends may help in avoiding properties that seem like a desirable location, but that eventually loses value. It is also essential to understand that cash may not be immediately available if business assets are invested in real estate.

Research is a necessary part of purchasing commercial real estate. In fact, the more a purchaser knows about the property, the better. Multiple property visits, examining surveys, verifying boundary lines and learning about any relevant covenants and restrictions should be a part of learning about a commercial property.

Knowing when to bring in outside help can also help people make an informed choice about a property. Professionals, such as a commercial real estate attorney, a mortgage broker and an accountant will all be able to provide invaluable advice and inside knowledge to help make a wise decision.

Finding the right commercial property involves the consideration of many factors. Location will affect access to customers, employees, suppliers and vendors. The amount of repair and maintenance that will have to be done should also be considered. A prospective buyer will also have to make sure that the property is appropriately zoned for its intended business use.

Purchasing commercial real estate can be a significant investment, and it can also be a complex transaction. The assistance of an attorney can be vital when reviewing the variety of documents before they are signed in order to spot provisions that may be troublesome in the future.

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