Purchasing or selling commercial property is a lucrative endeavor in Los Angeles, and it is an important part of cultivating a growing business. It can be easy to be both overambitious and overwhelmed if you are facing the prospect of buying or selling a piece of commercial property. The following are some tips to keep in mind when making such transactions.
Don’t let emotions cloud your judgment
When it comes to commercial real estate transactions it is important not to let emotions cloud your judgment. If you are buying it can be easy to fall in love with a property without thinking about its plusses and minuses logically. You do not want to rush into buying something that may not be right for you. If you are selling it can be hard to let go of the dream you had for your property. That dream was yours, but it may be time to move on and let someone else achieve their own dreams for the property.
Get your agreements in writing
It is essential that any agreements made during the real estate sales process are put in writing. Buying or selling real estate is exciting and it can be easy for both parties to the sale to start making promises to one another as you discuss the sale. However, it is essential that these promises are included in the purchase contract or are otherwise placed in writing. A written promise is much easier to enforce than an oral promise that may not hold up in court.
Make sure you are zoned for your vision
Real estate in Los Angeles is zoned for specific uses. What a seller may have used the property for may not be what the buyer wants to use the property for. If you are purchasing commercial property, it is important to ensure the property is zoned for your uses. You may need to apply for zoning changes, which can take time. Do not be in a rush to close before you know you can achieve your goals with the purchase.
Learn more about commercial real estate transactions
These are only three points to keep in mind if you are selling or buying commercial real estate. The commercial real estate purchase process is complex, especially for first time buyers and sellers. It is important you understand all your rights and options when buying or selling commercial real estate or engaging in other business transactions so you can make decisions that are in your best interests.