Commercial real estate due diligence in Kansas City requires following numerous requirements to ensure that fines, fees, and lost business are not part of your real estate transaction. Newbanks, with 60 years of experience, provides expertise in the commercial real estate area.
Why do I need to be concerned with due diligence when purchasing a business?
Unless you are incredibly lucky, purchasing a business comes with a set of regulations and laws governing everything from expansion to taxes. Failing to ensure that your property is up to par comes with fines ranging from hundreds to hundreds of millions of dollars.
Government legislation impacts everything from accessibility to the storage of food and room sizes in a hotel. The days of building space without regulation ended over 60 years ago.
What do I need to ensure that my commercial property is complying?
Many documents can help ensure that your property is up to par for your industry. These include:
- Blueprints for the building and any expansion
- Tax documents establishing a chain of ownership and compliance
- Any documents pertaining to contact with a regulatory organization
- ALTA topographic documents
The number of documents and assurances quickly extends to dozens of items. You should come through every provided piece of information for anomalies and compliance issues.
Can anyone help me purchase commercial property?
Banks and organizations often provide consultants to help acquire and examine the property and the necessary documentation. Third-party experts are the perfect option or companies looking to start or expand in new markets.
Newbanks professionals understand laws impacting a variety of industries. Our professionals get on top of your process and help you vet any property. We can even help find documents that seem to be missing.
Gaming, Hospitality, Educational, and Manufacturing building regulations
Some of the most scrupled properties are in gaming, hospitality, education, and manufacturing where lengthy lobbying and other battles helped establish the need for workplace safety, accessibility for the disabled, and a concern for the product.
Getting on top of these regulations often requires analyzing the laws, building, and blueprints to ensure compliance. A small oversight can shut down your business forever.
Trustworthy independent analysis
Never trust the seller to provide analysis for a property. This opinion is useful but often biased by the removal of information that the seller considered to be harmful to a deal.
Whether the seller or consultant withheld information does not matter. Always obtain your own inspection.
Commercial real estate due diligence in Kansas City
Since the early 1900s, regulations governing real estate and building grew to encompass a wide range of situations. Understanding all laws impacting your business can be difficult.
Always obtain an independent analysis of your property to avoid a closure order and other major expenses later. Our professionals are ready to help, backed by 60 years of working with clients in Kansas City and beyond.
Contact Newbanks today to start down the path to peace of mind when purchasing commercial real estate.Commercial Real Estate Due Diligence Kansas City
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