Issues When Purchasing Commercial Real Estate.
Purchasing non-residential commercial property involves a multitude of issues separate and apart from your traditional residential real estate transaction. For starters, a corporate entity, commonly a limited liability company should be used as the vehicle to purchase the commercial property. An extensive due diligence period, usually 45 days or longer is typically necessary to fully investigate the suitability and condition of the property. During this time frame, a review of the zoning, particularly if vacant land is being purchased, is important to ensure any proposed construction is consistent with the municipal or county zoning designation. An environmental phase one assessment should be done to uncover the prior uses of the property in order to determine the necessity of more extensive environmental testing such as soil and/or ground water sampling. If structures already exist and the property is currently leased, a review of all leases and acquiring tenant estoppel letters are critical in that as the new owner you will be inheriting the terms and status of such existing lease arrangements, for better or worse. Structural inspections, well beyond your typical home inspection, should be considered and performed by an engineering firm. Competent counsel, from an experienced real estate attorney, is critical to see you through these and other issues.
Who Is SJW Law Group, PLLC?
SJW Law Group, PLLC was formed in 2018 headed by Scott J. Wortman, Esq. who has been practicing law for twenty-five (25) years. Scott J. Wortman, Esq. is a Florida Bar Board Certified Real Estate Attorney and a Florida Bar Board Certified Condominium and Planned Development Law Attorney. Throughout the entirety of his career, Mr. Wortman has handled all aspects of residential and commercial real estate transactions including contract drafting, review and examination of title work, curing title defects, extensive interaction with buyers, sellers, real estate agents, mortgage brokers and lenders for coordination of all closing matters. For the past dozen years, Mr. Wortman has maintained an extensive community association practice serving as counsel for dozens of homeowner’s association and condominium associations throughout the state of Florida overseeing their governance issues, covenant enforcement, collection matters, litigation and compliance with Florida’s Marketable Record Title Act. Since 1994 Mr. Wortman has represented small and mid-size businesses with regard to their corporate matters, including drafting shareholders agreements, employment contracts, purchase and sale of business assets, commercial leasing issues, as well as dissolution and partnership disputes.