In terms of commercial real estate, it’s extremely important that when it comes to obtaining legal counsel that they take a close look at everything that makes up a potential transaction.

Here are four of the most useful tips that are designed to help ensure that your commercial real estate transaction will go as smoothly as possible.

*First and foremost, perhaps one of the most important tips for purchasing commercial real estate is to consider all of the different investment risks that are involved. Being able to understand that these risks vary, even among many of the same buildings in the same types of areas, is something that can help with assessing the possible value of an investment. Being able to ask all of the proper questions ahead of time is something that can assist you with making sure that an investment doesn’t end up causing too much of a risk. Factors such as reviewing the profit and loss statement of property, utility statements, real estate taxes, and more are all important when it comes to assessing the overall financial condition of a property.

*Another important tip for purchasing commercial real estate is to identify financing. It’s extremely important that a client is able to identify financing sources prior to entering a Letter of Intent and contract in order to prevent a delay both during and after the contract process itself. This way, when a contract is entered into, the client can then turn to a financing source fast in order to obtain financing for the actual transaction and know for sure that the transaction itself will actually be financed. If there is a delay in obtaining financing, this can result in a delay in securing the property.

*One other important tip for purchasing commercial real estate is to identify the actual sector. This is something that is always important to discuss in terms of what you’re purchasing, whether it’s industrial, retail, multifamily, mixed use, or office. When you’re officially able to identify the sector of commercial real estate, your legal counsel will then be able to advise you on what type of due diligence that you will need to perform as the client.

*Another important tip for purchasing commercial real estate is to engage a structural engineer. Once all environmental liability issues have been addressed, your legal counsel should be able to advise you on how to engage a structural engineer. The use of this type of professional is something that can help to ensure the overall longevity and safety of both structures and buildings. Furthermore, this type of professional is something that is absolutely important in terms of commercial real estate for all sorts of reasons, including reviewing an asset’s structural integrity, surveys, and various asset inspection reports. Oftentimes, a structural engineer will also take the time to conduct what’s called a Property Condition Assessment, which involves the review of a commercial property’s systems to evaluate items that are able to impact the overall value of a building. Some of these items can include the roof, foundation, electrical, HVAC, plumbing, fire systems, and more.

Reeves Law, PLLC, located in Austin, Texas handles cases in a variety of legal practice areas. The professionals at Reeves Law are committed to providing personalized attention to their clients. The competent team will work to ensure the most favorable outcome possible in every case. Contact Reeves Law for more information on the legal services they provide and for a free consultation tailored to your specific needs.