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Commercial real estate and the process of due diligence

On Behalf of | Apr 4, 2024 | Real Estate Law

The process of purchasing a commercial property may involve more than simply finding the perfect location and making an offer. Individuals or companies in New York that wish to protect their interests during commercial real estate endeavors might find it helpful to know what to expect from every aspect of this process. Due diligence is a process that can be vital to preparing to make informed choices about a potential purchase and being through with this process could be essential to protecting one’s interest. 

Due diligence 

According to experts, there are various steps involved with performing due diligence in commercial real estate. One of the first steps could involve using the information gathered during preliminary zoning procedures to perform a test fit. This process may also help provide insight into what types of materials will be required to build on the property, which may provide insight into the possible costs involved with the endeavor. 

Experts also indicate that environmental and geotechnical assessments are vital components of due diligence in commercial real estate. Another step to take during this process could involve searching for the property’s title, as this could help identify any potential risks involved. It could also be helpful to consider obtaining certain documents during due diligence, such as will-serve letters from utility providers. 

Navigating the due diligence process 

These could only be a few examples of steps to take during the due diligence process and preparing to navigate this aspect of commercial real estate transactions can be complex at times. Fortunately, there are attorneys in New York who can address a person’s questions and concerns and provide insight on how best to approach this process. Seeking such advice might be integral to preparing to mitigate risks and protect one’s interests during every step of a commercial real estate transaction. 


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