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Legal problems that can end a commercial real estate deal

On Behalf of | Jun 26, 2018 | Commercial Real Estate |

When you decide it is time to enter into the real estate market, you might consider purchasing commercial real estate in Fort Lauderdale. The commercial market is a large one, with all types of buildings and land for purchase. You can purchase property that has already been developed and become a landlord. Or, you can buy empty land and develop it. Either way, here are some legal problems that can derail this transaction.

What items will remain with the property? Many properties are sold and left untouched by the seller. The buyer should never assume that items will be left behind. He or she should ask the seller if appliances, light fixtures, furniture, tools and other items will remain. Get it in writing, too.

Check the zoning for the property before entering into an agreement. This will save you a lot of hassle should the property not be zoned for what you want to do with it. All you need to do is check with the zoning board of the jurisdiction where the property is located.

Are there mistakes on the seller disclosure form? This is an important document that discloses information about defects in the property. The form might also explain what, if any, repairs have been made to rectify these defects. If this form is not completed correctly, it can lead to the deal falling apart.

All of the issues discussed in today’s post are easily avoidable. You simply need to ask question, let the other party know your concerns and get everything in writing when conducting a commercial real estate deal in Florida.

Source: Findlaw, “What is Real Estate and Real Property Law?,” accessed June 14, 2018