Commercial real estate is a growing market across Louisiana and the rest of the country. Commercial development can take place just about anywhere, so long as the property is zoned for commercial use by the jurisdiction where you want to purchase the land. Here are some common legal issues that can prevent a commercial real estate transaction from moving forward in Covington.
For starters, does the person or entity selling the commercial space actually have the authority to sell the property? This can be more common of a problem than you might think. There are times when a property is placed into a trust and the seller might not realize it or even remember. They might not be trying to pull a fast one but this is a big legal issue that can derail the potential sale.
Have you put everything in writing? This is incredibly important when it comes to selling commercial property. When you don't put something in writing you could run into a slew of different problems that could wind up leading to arguments with the other party of the transaction.
Will anything be left behind by the seller? Many commercial properties are sold as-is these days. This means that furniture, light fixtures, appliances and other big-ticket items are left behind. Find out ahead of time if anything will be left by the seller and make sure to get the list in writing.
As you can see, commercial real estate transactions can easily come to a grinding halt in Lafayette due to the reasons mentioned in this post. This list was not exhaustive, so be on the lookout for other issues that could crop up along the way.