Arizona Commercial Real Estate
Buying Arizona Commercial Real Estate investment opportunities can seem confusing. Amass Magazine has listed below the main questions we have received from investors looking to get into Arizona Commercial Property Guide Real Estate. If you already understand the details of Arizona Commercial Real Estate, visit Arizona Investment Opportunities to see current available listings. Here are the top questions:
1) What is considered Arizona Commercial Real Estate? - The term usually refers to retail properties, office buildings, shopping centers, hotels, warehouses, manufacturing facilities, apartment complexes – and vacant land that has the potential for development for these types of buildings. In short, almost any kind of real estate except single-family home and single-family lots can be regarded as commercial real estate.
2) If I am buying Arizona Commercial Real Estate, what should go into my contract? - Since every real estate deal is different, you will need to get advice from a lawyer on how best to protect your interests in the contract. Amass Magazine has advisor partners you can speak with. Typically, however, your contract should address at least the following issues:
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An exact description of the Arizona Commercial Real Estate property you are buying, including the land surrounding the building.
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The purchase price and whether it is all due at closing or in installments.
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A list of assets included in the sale, such as equipment or personal property that is included in your purchase.
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What are any contingencies that must be met before you are able to purchase the Arizona Commercial Real Estate.
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Insurance details provided by the seller.
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Talk with your lawyer about other items s/he recommends.
3) In my Arizona Commercial Real Estate Contract it talks about options, what is an option? - It is a right a seller grants a buyer to buy real estate within a certain period of time. For example, suppose you are interested in buying an office building but want more time to investigate the cash flow and compare this building to others in your area. You might offer to pay the owner an option fee to tie up the property. In return, the owner might be willing to grant you the right to buy the building within a certain period (say, six months) at a stated price. The owner would not be able to sell to anyone else in meantime. You could agree that all or part of the option fee would apply toward the purchase if you decided to actually purchase the property. If you did not exercise your option, you would forfeit your option fee.
4) I am looking at a specific Arizona Commercial Real Estate property; however, my intended use is not permitted under the local Arizona zoning ordinance. What are my options? - Contact your local Arizona zoning commission. You may be able to get the Arizona zoning changed or perhaps the local Arizona zoning board has authority to grant you a variance or exception so that you can use the building the way you would like to.
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