When a business owner in South Florida is making a move toward purchasing commercial real estate, there can seem to be an endless flood of issues and problems. However, that does not always have to be the case. If a real estate transaction for commercial property is conducted properly, the buyer may actually experience quite a smooth process. Whether it is the purchase of an office building, industrial property or a retail location, many buyers will encounter issues related to taxes and escrow funds no matter how smooth the purchase is.
As many of our readers involved in a real estate purchase probably know, "escrow" refers to funds that are held in trust while the real estate transaction is being carried out. Purchasers will usually deposit these funds in an escrow account, and the funds are held as a sign of good faith that the purchaser has the appropriate financing and intends to carry through with the purchase all the way to the real estate closing. However, purchasers and sellers may not always agree on the terms regarding these escrow funds, so the right approach can be crucial to completing the deal.
Likewise, commercial property buyers will usually want to consider the tax implications of their purchase, both before and afterward. But sometimes taxes are the last thing that buyers consider, which can result in problems later on. Having the right information throughout the process can be vital for a successful commercial real estate purchase.
At our law firm we attempt to help our clients with many of the problems that can arise during the course of a commercial real estate purchase. For more information, please visit our website.