How to Purchase Commercial Real Estate: PART 3

Purchasing Commercial Real Estate: Identify the Right Property

There are a number of factors to consider when looking for suitable commercial real estate to purchase. The old adage "location, location, location" is true for commercial properties just as much as it is for residential. But there are other issues at play, as well. Here are some things to consider:

Location: This is still the No. 1 issue. You want to be close to your customers, your workers, and your vendors or suppliers. "You want to be convenient to customers to the extent that you have a business where the customer comes to you," Martin says. "But depending on the type of business, access to rail and highway and shipping lanes may be important, too."

Physical condition: After identifying the general location, consider how the property was used, the wear-and-tear, whether there are any environmental issues or potential liability issues, such as asbestos or lead paint.

Allowable uses: If your business is an accounting firm, you likely need commercial office space. If you are a manufacturer, you need an industrial space. Either way, you need to make sure the zoning allows you to do what you need to do on the property.

Limitations on exterior or interior: Whether due to zoning laws or building codes or covenants, there may be limits to changes or alterations you can make to the property. A good example is a building that is in an historic area and subject to restrictions on changes that can be made to the façade.

Adequacy of access and parking: You need to make sure your customers can park and take into consideration whether access is compliant with laws such as the Americans With Disabilities Act.

Opportunity for expansion or leasing: Entrepreneurs often have a rosy outlook about growth and so the potential to expand is a consideration as is the flipside – if you don't grow as much as planned, can you lease out extra space?

Part 4 coming soon!! 

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on Buying Farmland:

Strong commodity prices, low interest rates and a positive growth outlook for agriculture tend to increase the demand for farm land by farmers and investors alike, both within the province and from without.

Be aware that The Saskatchewan Farm Security Act (Act) places restrictions on farm land ownership in Saskatchewan.

To own land one must be:

1. A Canadian citizen;
2. A Permanent resident of Canada; or,
3. A 100% Canadian-owned entity (corporation), partenership, syndicate, joint venture, co-operative or association) whose shares are not traded on the stock exchange, i.e. ownership interests are privately held. 

Further, in addition to ownership the Act restricts leasing, having any other interest in farm land that would normally accrue to the owner of farm land. Violating or failing to comply with the Act can result in fines and divesture of ownership. However, there is an application process to apply for exemption. The Farm Land Security Board reviews these applications and will provide an exemption if it is satisfied that it is appropriate to do so.

For more detailed information go to http://www.farmland.gov.sk.ca/ or call the Farm Land Security Board at 306-787-5047.

Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay". 

Robert MacKay is your Trusted Regina Real Estate Lawyer   

It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There’s all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?

MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.

MacKay &  McLean are TRUSTED REGINA LAWYERS

Here Robert shares a tip on hiring the right Regina Real Estate Lawyer  

Not taking real estate transactions seriously isn't a wise decision - time and money can be easily wasted if real estate matters are not entrusted to someone who has the skills, knowledge, and experience to handle them.Many complaints against lawyers are due to different real estate related issues, thus, practicing in this area of law requires more guts and dedication. This is the age of specialization and efficiency.

When searching for or choosing from Regina law firms, you want to get the best service at a competitive cost. Therefore, hire:

A specialist, someone who is a member in good standing with the Law Society and the Real Estate Association.

Someone who has assistants who are concentrating 100% on residential real estate – which will enhance their ability to answer your questions, address any possible issues and get the job done, particularly if special problems arise when processing the real estate transaction through to its ultimate conclusion (e.g., getting a key for the purchaser and closing funds for the vendor on closing day).

A firm that generates competitive quotes and prices, one who will prove that every dollar spent is worthwhile. Furthermore, a firm that makes paying easier and hassle-free.

Someone who makes themselves available as much as possible - ready to show up on lunch and after-hour appointments, and allows out-of-office and off-location signings.

A lawyer and a team that uses the Land Titles Online Submission System which reduces delays and errors.

A lawyer that will do more than just tell you where to sign your name: someone who is willing to explain a transaction’s process and progress, and professionally answer all of your questions.

Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay".

Robert MacKay is your Trusted Regina Real Estate Lawyer  

Here they share a great tip on Deck Construction:

When it comes to deck construction, there are several options to consider when building the structure. Some of these options are: joists, beams, post size, supports, and spacking; decking thickness, guard railing height and spindle spacing.