Commercial real property refers to buildings or lands intended to generate a profit, either from capital gain or rental income. Commercial property includes office buildings, industrial property, medical centers, malls, and retail stores, etc.
Compared to residential property transaction, commercial property transaction involves a bigger sum of money, more complicated process, and enormous paper work. The process of reaching a sale contract usually does not follow the procedure for a residential property transaction, and the whole transaction requires due diligence not only in economic or financial aspect, but also on legal side. The Contract of Sales for commercial property may vary from case to case, which may include Phase I ESA (Environmental Site Assessment) and/or Phase II ESA, mortgage contingency clause, lease and tenancy issues, zoning regulations, violation removal, etc., and you may need to hire a reputable law firm in handling your commercial real property transaction.
Tang & Associates, P.C. has a decade of experience in doing real property transaction. With supporting of our team members, we have represented clients from New York and oversea especially Chinese investors in dealing with hundreds of real estate transactions including commercial properties, and the accumulation amount of the transaction counts of billons. Please be advised that the procedures in handling real property transaction is quite different from State to State, and even may differ in the same State such as New York. We only take real estate transaction case in New York City and Long Island. If you want know more about the general procedure in commercial property transaction in downstate New York, please click below “Buying Commercial Real Property” or “Selling Commercial Real Property”, or you may contact us for more information.
- Buying Commercial Real Property (You are the buyer) Download>
- Selling Commercial Real Property (You are the seller) Download>