This post originally appeared on tBL member Lynn Drake's blog Compass-Commercial Blog | Expert Commercial Leasing Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.
Your commercial agent and your attorney should help you develop the list of things you need before making an offer, but here are just a few to consider:
Are you qualified for the mortgage?
Will the building meet the current and future needs of your business?
Is the building zoned for your use?
If the building needs zoning changes, what kind of cost and timing is required?
What entity are you going to buy the building in? Talk to an attorney about this decision.
What information do you need to know about the building before moving ahead with the purchase?
How old is the building?
How old are the roof and mechanical systems?
Who do you make the offer to?
Have your attorney or commercial real estate agent draft a letter of intent with the terms you are offering.
Create contingencies for phase 1 environmental or possibly a phase 2 with the required timeline to get these approved.
One could think of many more contingencies. This list isn’t meant to be all inclusive.