Buying and selling commercial property can be a complex process, and both sides would be wise to practice precaution at each step. Certain mistakes along the way may not only result in time and money lost, but they can also result in derailing the entire deal altogether. Commercial real estate is a significant investment, and Florida buyers and sellers may benefit from knowing which mistakes to avoid in order to protect their interests.
Common missteps to avoid
One mistake buyers make is cultivating an emotional attachment to a commercial property too early in the process. This can lead to imprudent choices or actually purchasing a property that does not benefit the buyer long-term. Other mistakes buyers make include:
- Publicly discussing the details of a deal before it is final
- Not understanding the full financial implications of the deal
- Closing on the property before the zoning is established
- Being unwilling to pay the cost of doing one’s due diligence
- Failing to plan for delays in the process
These are only a few examples of the mistakes that could potentially negatively affect the outcome of a commercial real estate transaction. Avoiding these may help a buyer or seller save time and money.
Working with a professional
A commercial real estate transaction is a complex legal and financial procedure. It is in one’s interests to seek the guidance and support of an experienced attorney who can provide insight regarding the most appropriate way forward. This counsel also provides insight on how to avoid costly and frustrating mistakes.