Buying commercial real estate is a service our LevRose advisors provide our business owner clients. It can be a seamless process if you have the right team to facilitate the deal. Since every business is unique, every commercial real estate venture is too. When analyzing a prospective property for your business’s needs, here is an overview of what to prepare for.
During the initial engagement, you will meet with a LevRose advisor to further discuss your specific commercial real estate needs and goals. Once these parameters have been established, and you are aware of what is required of you as a buyer, the advisor will begin to search for properties that align with your business's needs.
Throughout this part of the process, your LevRose advisor performs a detailed review of your requirements by preparing a market survey. Using their experience and knowledge of the current market, your advisors will work diligently to create a list of potential properties that fit your specific commercial needs.
The Letter of Intent (LOI)
Once you have located a property that interests you, your LevRose advisor will begin drafting an LOI which will be submitted to the seller after your approval. This is where negotiations begin since the seller has the ability to accept, reject or counter the initial offer. The overall goal of this step is to come to an agreement over the terms of purchase of the property.
The Purchase & Sale Agreement (PSA)
The Purchase and Sale Agreement is a legally binding document that states all the agreed upon conditions. Once an agreement has been reached, the document must be signed by both parties. This is when you, as the buyer, will need to prepare an earnest deposit and have it delivered to the title company.
At this time, a completed due diligence is due. This document consists of property details where the buyer can request the seller to repair any issues found with the property after the inspection and appraisal occur. Once the due diligence has been completed, the loan has been approved and funds are available, the buyer and seller must both sign the closing documents. After this step, the legal property ownership is transferred from the seller to the buyer.
In 2021 LevRose became the official Phoenix affiliate of TCN Worldwide after joining this international real estate network in 2013. Comprised of independent commercial real estate firms worldwide, this organization serves over 200 markets with integrated real estate solutions. Affiliates of TCN Worldwide receive access to a plethora of global market information including transaction databases, investment listings, connections, and events that encourage further career development. Ranked one of the largest service providers in the commercial real estate industry, their platform was originally created to improve the overall performance of each firm and their brokers.