The Beginners’ Need for Legal Representation when Purchasing Commercial Real Estate?
As someone who is currently entering the vast realm of possibilities allotted to business owners, there is a dizzying array of details and legalities you need to understand. Most likely you know that there is an enormous difference between residential and commercial real estate. Commercial real estate being any property that is to be used for business purposes makes the laws that surround properly obtaining and managing your property much different.
Finding the Financing
In the greater Los Angeles area, the majority of small business owners and entrepreneurs cannot afford to simply purchase commercial property out-of-pocket. Without being the trust fund beneficiary or some other type of heir to some inordinately large sum of money, you are most likely looking for a loan in order to finance a mortgage. There is a multitude of different loans, grants, and other ways to finance your small business, although a steady income is going to be a general requirement. In any event, you should first be familiar with the guidelines for these actions, and the requirements to obtain a positive outcome.
Legal Preparation
It is an unfortunate truth that many property sellers may be looking to let go of their commercial property for reasons they don’t want you to know. If you sign all the paperwork and agree to purchase a piece of commercial real estate without knowing absolutely everything about the property, you could be setting yourself up for a long uphill battle in the future. Your economic losses and overall financial woes and debts could become so severe you could end up out of business in no time at all.
Thankfully, there are plenty of laws in place that greatly deter any seller from not providing full disclosure pertinent to any defects. No seller may intentionally leave out any defects or damages to the property they are selling without fear of possibly detrimental repercussions. If there are defects to the property sold, of which the buyer was unaware of at the time of purchase, but later discovered; the buyer may sue the seller for the cost of repairs. Likewise, if these defects lead to injuries, the seller may be held fully responsible for all resulting expenses.
Nevertheless, there are other factors as well, which could equally play a role in the success of any lawsuits after purchase. The first and foremost obligation that any buyer must respect is their personal duty to have the property fully inspected. Even though most buyers and sellers are entirely aware of their obligations, that doesn’t mean that properties never change hands without immense complications. There are almost always various details that can be easily overlooked, but detrimental in the long-run.
At Gomez & Simone, we fully appreciate the stringent binds of law and the incredible intricacies that surround all aspects of commercial real estate. Whether you are already a business owner or just looking to purchase the property to begin your business venture, you need the most quality representation possible. Don’t hesitate to call (855) 219-3333 to speak with an experienced professional and schedule your Free Consultation * today.