9 STEPS TO PURCHASE A COMMERCIAL BUILDING

Buying a Commercial building can be an intimidating process. There are steps to take to insure a productive and efficient outcome. Being prepared and organized are key to a successful transaction. Below are 9 general steps to consider in the purchase of a commercial building.

1. Define Criteria and goals for commercial property investment.
2. Secure financing and get pre-approval for commercial loan using SBA or conventional financing.
3. Research, visit, and perform due diligence on potential properties.
4. Submit offer, negotiate terms, and finalize purchase agreement.
5. Conduct property appraisal, environmental, ALTA survey and inspections.
6. Negotiate deficiencies found in number 5 above.
7. Set up contractors and prepare renovations for when property closes.
8. Obtain insurance for commercial property, coordinate closing through the title company.
9. Manage post-closing transition, including lease and turning on property utilities.

It is always a good idea to refer to a licensed commercial broker when purchasing or leasing property.