When you purchase real estate, you are making an investment that lasts decades. Therefore, you should always investigate the seller to ensure that you are working with someone on whom you can rely, which is called due diligence. Due diligence refers to commonsense actions that a person takes to ensure that a particular contract is worthwhile.
Many business owners, through an honest desire to limit their company's liability, will include numerous provisions designed to limit their liability. The result is a one-side contract that places all of the risk on one or more parties. But this language will not prevent an injured party from seeking compensation. It will only drag out litigation and make the entire process more costly.
This post will continue discussing "due diligence" and what that means in a real estate transaction. The previous post examined the due diligence generally and how the method of diligence depends on your goals in the transaction. Essentially, the information you need to complete the transaction will guide your due diligence. This post will discuss the specifics of due diligence in a generic commercial real estate transaction.
Commercial real estate transactions are large deals that involve thousands or millions of dollars. The lifetime of these investments is measured in decades, not years. They involve enormous amounts of energy, years of projections and piles of cash. As such, every commercial real estate transaction should be approved in a diligent manner. The buzzword in these approaches is "due diligence." Due diligence refers to the investigation of the property, company and other factors that underlie a commercial real estate transaction. Due diligence ensures that a particular company and property are worth the investment.
Amazon operates the largest online marketplace in the United States. You have probably heard of owner Jeff Bezos' various commercial adventures, including most famously, Blue Origins, the rocket company. But what you may not know is that Amazon is looking to compete in the online streaming industry. In pursuit of that goal, Amazon purchased Twitch, one of the largest streaming sites.
Property management is not an easy business to break into. There are numerous business and landlord laws that you must comply with. The laws are different depending upon if you are dealing with commercial or residential tenants. Depending on the state you live in, you might be subjected to numerous tenant protections. Here are a few tips to guide you through the process to ensure that you are covered during every exchange. Just keep in mind that if it "feels" wrong, then something probably went wrong and you may need to go over it with an attorney.
Every two years, the REALTOR Magazine reaches out the major real estate franchises that operate in the U.S. and asks them to complete a questionnaire. It then studies and combines this information into a biennial report. Many of the surveyed companies believe that the franchise market is on the cusp of great change. Several of the larger companies believe that their shrinking operations are a sign of future developments. This post will summarize some of those findings and their predictions for the future of the real estate franchise market.
A construction defect means that a building was improperly built and as a result fails to meet the specifications spelled out in the contract. The defect could be the result of a number of reasons including substandard materials, improper grading or even just shoddy construction. The nature of the defect determines who you can sue and for what. Most defects will leave structural impacts on the building, like improperly working utilities or structural integrity problems.
"Construction defect" is a very broad term. It can include many different types of defects including design, furnishes, planning, inspection and construction. Here is a list some of the most common defects: