Whether a business has an established history or is just starting, finding a space in which to operate is often an important step. Renting is the option most businesses choose and with good reason. It can save a company money and provides the option of moving on if more or less space is needed. Here are tips to help business owners ensure that they are getting the best lease terms possible.
You may have heard about crowdfunding but are unsure what it is. Crowdfunding is a way that people use the internet to solicit money for a project. Common reasons people look to crowdfunding include help with medical bills, funds to manufacture an invention and financial backing for movies and other creative arts projects. However, some entrepreneurs in Florida are now turning to crowdfunding to back real estate investments.
Purchasing commercial real estate in Miami can be a sound business investment. Companies or investors that purchase property rather than an existing structure or business have the opportunity to develop it from the ground up. However, as with any type of financial or real estate transaction, problems can sometimes occur.
Not that long ago, shopping malls were the bustling retail center for communities across Florida and the entire country. Not only did they provide people with the opportunity to shop for multiple items all in one place, they also were a steady source of jobs and a social center, as well. Thanks in large part to the rise of online shopping and social media, the role that malls have played is now dramatically shifting.
While it sometimes it makes sense for Miami business owners to purchase the real estate where their businesses will operate, other times leasing a space is much more sensible. However, commercial leases can be quite complex and it may be helpful to understand the different types and what they offer.
and sale of a property. Each and every transaction is unique and there are often many different terms that must be decided on. Therefore, sometimes before a binding contract is signed by the parties, a tool known as a letter of intent is utilized in order to set forth some of the main ideas such as a purchase price and closing date in writing.
Some Miami companies looking to purchase property may not have much luck with traditional mortgage lenders such as banks. Therefore, an alternative lending source may be attractive. If they can find a seller who is amenable, they may want to consider a deal where the current owner of the property provides the financing for the purchase.
It is fairly common for businesses in Miami to lease the space they need for their operations rather than purchase commercial space, especially when a company is first getting on its feet. However, issues may arise during the course of the lease that lead the tenant, or company, to want to move out before the term of the lease has ended. When that happens, it is not unusual for the original tenant to sublet the space to another tenant, which will essentially take its place until the lease is up.
Finding a good renter may turn your commercial real estate investment in Florida into a profitable business venture. However, when the person who signed the lease does not keep up with payments, it has the potential to turn the same situation into a devastating loss. At Welbaum Guernsey, our attorneys often provide advice to property owners who are losing money from a default on a building lease.
The title to a property is an important factor in any commercial real estate purchase in Florida. Before the transaction is finalized, the business owner will need to know that the title is free and clear. Even when this information has been provided, the buyer will probably be required to purchase title insurance.