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Buying Commercial Real Estate Lawyers

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Buying Commercial Real Estate Lawyers

At De Krupe Law, we understand that commercial properties are not just properties but are investments intended to generate regular income flow. Commercial real estate comprises a wide range of properties, including office buildings, rental apartments, warehouses, gas stations, hotels, industrial and retail plazas. Given the significant financial impact of commercial property purchases on businesses, it is crucial to ensure that such transactions are handled with the utmost care and attention.

Steps Involved In Purchasing Commercial Real Estate Properties

The purchase of commercial properties is inherently more complex than that of residential properties. For instance, commercial property transactions often entail dealing with tenants and their leases, service contracts, and employment contracts for salaried workers, which can significantly affect the financial health of a business. Regardless of whether you are selling or purchasing commercial real estate, due diligence must be exercised at every step to avoid potential risks.

Signing Agreements Of Purchase And Sale

The Agreement of Purchase and Sale is a legal document that outlines the terms and conditions of the transaction between the buyer and seller. It includes details such as the purchase price, closing date, and any conditions or contingencies that must be met before the sale can be completed.

Review Existing Tenancy Agreements & Leases

Reviewing these agreements, as well as land surveys, bills of sale and personal property act, in advance is essential as they can have a significant impact on the purchase transaction, including financial considerations. Any potential issues or complications can be identified early, allowing for appropriate action to be taken to avoid any adverse consequences.

Ensure Successful Closing of the Transaction

At De Krupe Law, we understand the importance of proper due diligence when buying commercial real estate. There are many factors involved in this process. Lack of proper planning can lead to unscheduled costs, insufficient financing, and potential environmental and other issues with off-title searches, including zoning, building, and fire code compliance. Our experienced and trusted buying commercial real estate lawyers can guide you through this complex process to ensure that your interests are protected. They will be with you up to the successful completion of the transaction, answering all your calls directly.

Detailed Review & Research

At De Krupe Law, as reliable and experienced Ontario commercial real estate lawyers, we understand the importance of having expertise in the specific area of property you are dealing with. We conduct detailed title searches to identify any existing encumbrances on the title, such as by-laws, right of way, easements, site plan control agreements, subdivision agreements, and restrictive covenants. Additionally, your commercial real estate lawyer can perform off-title searches, including hydro, conservation authority, fire department, building department, and zoning, among others.

By conducting these searches, we can minimize any unpleasant surprises during the closing and ensure you are making informed decisions by doing a proper due diligence:

Conduct searches against the corporate status and bankruptcy;
Double Check contracts and other documentary;
Perform thorough title reviews and due diligence to review if the title doesn’t have debts on it and that problems won’t arise in the future;
Continue acting only if all off-title searches are satisfactory;
Confirm authorization status for the sale with the vendor corporation;
Ensure that the transfer transaction has taken place as mandated.

In every commercial real estate transaction, commercial real estate lawyers investigate and review the title of the property and analyze all agreement matters to ensure they are correct as per their representation. You can be sure that our legal representative will work hard to negotiate the best terms for your deal.

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Tax Implications

There are various tax implications to consider when purchasing a commercial property, including:

HST;
Land Transfer Tax;
Other taxes.

As always we recommend that you seek advice from a qualified tax professional such as an accountant.

Benefits of Hiring a Commercial Real Estate Lawyer for Buying Property

Despite the fact that the majority of entrepreneurs address real estate lawyers when litigation or disputes already arose during a real estate transaction, we encourage you to take time finding your perfect attorney and schedule an appointment with him in advance. Here is the list of commercial real estate lawyers benefis:

Assist you with the negotiations while keeping you informed about potential issues;
Legally represent you and have fight for your best interest;
Make sure that the transaction is a legitimate;
Save your time by making all the necessary paperwork.

If you are looking for a reliable and trusted buying commercial real estate lawyer in Ontario, De Krupe Law is the firm to call. We have helped numerous clients in Toronto and GTA refinance commercial mortgages, and navigate complex real estate transactions. Contact us today to schedule a consultation with one of our expert real estate lawyers.

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How We Can Help

Purchasing a commercial property can be a complex process that requires careful consideration of legal, financial, and tax implications. By understanding the key legal considerations involved, buyers can make informed decisions and ensure a successful transaction. At De Krupe Law, experienced buying commercial real estate lawyers are dedicated to helping clients navigate the purchase of commercial properties with confidence and ease.