Yigal Rifkind, Barrister & Solicitor

Toll Free 416-222-4597

Local 416-222-4597

Creative Solutions for Real Estate, Wills & Estates, and Business Law

Planning a commercial real estate purchase

Buying a piece of commercial property should never be a spontaneous decision. Some experts say you should plan at least six months before making a purchase, but you can't always do that if a great deal comes up at an opportune time. Even during a rush to purchase, you can do some research and ask the right questions.

Always research the construction companies involved in building commercial property. For property that is already developed, ensure companies involved are known for quality work and take time to understand any guarantees that will transfer to you during the purchase. If something goes wrong with any aspect of a commercial property, this information lets you know who to turn to for assistance or possible compensation.

Know your needs before you began shopping for commercial property. Many property owners will work with buyers to modify property to fit needs, but the best outcomes are experienced when you know exactly what machinery, staff or functionality you'll require on the property.

Understand how your business type and size will impact your property needs. The requirements for industrial space are very different than those of retail or office space, for example. Certain industries, such as food service, require special access and machines. Keep all these requirements in mind when viewing potential properties.

Finally, understand your legal rights and obligations when it comes to a real estate deal. If you know what you need and are working with someone who understands how real estate transactions work in a legal space, you can often protect your rights and needs in writing. A strong real estate transaction protects your immediate needs and those that might arise in the future.

Source: Business Development Bank of Canada, "5 tips for buying commerical real estate," accessed Nov. 18, 2015

No Comments

Leave a comment
Comment Information
Yigal Rifkind, Barrister & Solicitor Attorney

5001 Yonge Street, Suite 301
Toronto, ON M2N 6P6

Toll Free: 416-222-4597
Phone: 416-222-4597
Toronto Law Office Map