A lot can go wrong when you’re purchasing a piece of commercial real estate in Texas. That’s why many commercial real estate investors contract the services of a lawyer — to ensure their transactions honor their best interests.
At the law office of Matthew J. Obermeier, we’ll guide you through the commercial real estate buying and selling process to ensure you avoid common errors, and that your transactions go smoothly and appropriately.
Here are some of the most typical errors people make during a commercial real estate transaction:
— Improper valuation: Make sure to do your homework, research your property and ensure that you’ve valued it appropriately.
— Misinterpreting the underwriting requirements: It’s always best to fully understand the requirements of your underwriter. Failing to interpret the requirements correctly could cause you to waste time and money after a surprise that crops up later on down the road.
— Failing to check building codes: Not all properties comply with building codes. If you buy an noncompliant property, you may have to invest time and money into correcting the issue.
— Failing to look into existing tenant leases: A lease with a tenant could potentially interfere with a property sale, or it could interfere with the property’s value after purchase.
There’s no reason why any commercial real estate investor should go into the process of buying or selling a property alone. With the assistance of a commercial real estate lawyer, investors can make sure that their transactions comply with the law and they can avoid common commercial real estate investment mistakes that could become costly in the future.