Buying nonresidential property can be a major move for any investor, especially for those who have never gone through the process before. It requires preparation and planning in order to achieve favorable results. Here is a glimpse at what steps investors should ideally take to protect their best interests when purchasing commercial real estate in Massachusetts.
First, it is important to decide on a specific sector of the real estate market to invest in. For example, an investor may decide to buy a multifamily, office, industrial, mixed-use or retail property. Part of this involves determining what requirements are associated with various sectors. For instance, when buying an industrial building, in what ways can the investor eliminate environmental liability?
It is also generally a good idea to consult a structural engineer when buying investment property. The engineer can examine structural integrity to make sure that the building under consideration is safe and will remain intact long term. In addition, understanding local ordinances concerning permits is important when purchasing a property. Likewise, having an attorney complete a title search can ensure that the investor ends up receiving a title that is clear and thus marketable at closing.
The process of purchasing commercial real estate can certainly be complex no matter how large or small a purchase may be. An attorney in Massachusetts can offer the direction needed for the proper due diligence from start to finish. The lawyer will work to ensure that the investor’s rights are protected and that a successful real estate transaction is achieved.