Buying commercial real estate is a little different than buying a residence that you might live in with your family. The laws that protect you when you are buying a family home, may not apply when you buy commercial property.
Here are some of the issues that you may come across when you purchase a commercial property:
It is important to work with a Digsy Expert that knows how to investigate a property’s title history and to initiate an environmental report if required. A past owner can indicate certain land use or potential environmental hazards to be investigated. Land use in proximity may impact the subject property. Subject easements and title boundary disputes can impact a purchase for commercial land or potential development projects.
Many times there is very limited property disclosure on commercial real estate. Your Digsy Expert will help you determine when you need to hire outside experts and inspectors to investigate a potential commercial property you are considering for purchase.
As a buyer, we will help you learn all the material facts about a property’s history, including any environmental concerns and potential for natural disasters, such as earthquakes or landslides, basic on known environmental studies.
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Property development and zoning laws
Many cities and municipalities limit the possible use of property to a strictly enforced code of zoning rules and regulations. As a buyer, your Digsy Expert can help you to navigate through the maze of local zoning laws. Learn the restrictions placed on the land use or property that may prevent you from improving or expanding the property in the future.
Many commercial properties are subject to environmental investigations because of past use that may have occurred decades ago. Many older manufacturing facilities did not adhere to environmental regulations and often dumped contamination on the subject site.
Some types of environmental cleanup can be expensive and lengthy, and may not be worth pursuing if the property does not have substantial value. A Phase I environmental site assessment is an easy way for your Digsy commercial agent to review potential contamination of land or water.
Building and code violations
If you are purchasing a warehouse, large retail or multi-family property, it is essential to make sure that all potential code violations are repaired before closing the escrow on the property. Your Digsy Expert will help you identify which code violation the seller of the property should repair or issue you credit before the closing of the escrow.
An inspection of the property is an important part of the process, as problems with the roof, mechanical systems, electrical and plumbing systems can be identified. There are also additional plumbing and electrical requirements for industrial properties that are tied with local zoning.
Get Started with Digsy
Digsy Experts can help you and your team navigate the complex commercial purchase of your next office or industrial site. We know the challenges and obstacles for working with many local cities and municipalities to get your business approved. Digsy can help the process work for you and your business in the quickest and most efficient plan.
Digsy only works with the best commercial real estate agents with experience in the fastest growing sectors of commercial real estate. Most commercial agents that work with Digsy are specialists in commercial property that includes vacant land, warehouse, office spaces, retail and strip malls for sale, medical office and clinic offices, restaurants and automobile related properties. Digsy Experts are extremely helpful and knowledgeable on how to buy commercial property.