The world of commercial real estate can move at a very fast pace, and if you’re not careful, you can leave yourself exposed to unnecessary risk. Nobody wants to run into an unexpected issue, especially if it could have been avoided with a little foresight, which is why there are some things every commercial real estate holder should have to protect themselves and their family. In today’s blog, we spotlight five things every commercial real estate investor or holder should have.
Five Things You’ll Want If You Own Commercial Property
If you are considering buying or selling commercial real estate, or you’ve recently inherited a commercial property, here are five things you’ll want to have:
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Title Insurance - Title insurance protects you in the event that someone else makes a claim against your property. If someone claims that they are actually the rightful owner of the property, or an unpaid lien is discovered with the property, you’re not going to be stuck footing the bill for these issues if you have title insurance. Oftentimes title insurance is required if you’re buying a commercial property, but it may transfer to you if you inherited the property from a relative that passed, so look into your options.
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A Land Survey - If you’re considering buying commercial property or you want to build or expand on your current property, you’ll want to have a land survey conducted on the property. This survey will provide a lot of helpful information about the property, including mapping out the property lines so that you know exactly where your land ends or where you can install a fence. We’ve helped countless clients by compiling a land survey for their current or prospective property.
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A Will - We don’t always like to think about what the world will look like after we’re gone, but there is peace in knowing your assets will be divided based on your wishes if you establish a will. You don’t want to leave a mess behind for your loved ones, but that can happen if you don’t have a will. We like to think that our relatives will act in our best interests following our passing, but money and commercial interests can affect people in ways we wouldn’t expect. Take the guesswork out of the equation by establishing a will.
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An Ally - Commercial real estate investing or management can be quite complex, and even if you are familiar with the industry, it can be incredibly valuable to have an ally on your side. Whether you want help acquiring insurance, conducting a property survey or clearing a title, we can provide you with timely and effective service. Don’t navigate this landscape alone, bring an ally into the fold.
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Patience - Finally, we work as quickly as possible for our clients who want to close a deal quickly, but we advise all our clients to have patience with the process. Rushing through a deal or waiving inspections can add risk to a situation where it isn’t needed. If a deal seems too good to be true but it requires that you move quicker than you’d like, take a deep breath and reevaluate the deal. We urge all clients to have patience and review matters with your title service team before rushing to sign a document or send money to someone else.
Keep these five things in mind as you navigate the world of commercial real estate, and let us be your ally so that your next transaction runs smoothly. For more information, or for help with a different aspect of commercial real estate, give the team at Commercial Partners a call today at (612) 337-2470.