Every investor knows well the importance and value of owning a commercial real estate space. It could provide them a solid income specially when the commercial space is located in a very strategic location such as Sacramento region.
To provide you a better understanding, commercial investment is such a very lucrative business venture particularly when investors start leasing out properties to would be tenants that would like to rent commercial spaces for a long period of time.
Investing in commercial properties has the most imperative advantages and these are the reasons why most investors have shifted their way to buying commercial spaces. Investors can lease out commercial properties for approximately 10 to 15 years and during that span of time, they could receive a monthly profit from the space rentals.
But what are the crucial things to keep in mind when purchasing for commercial spaces in the region? To give you an idea about this, you may read some important commercial buying tips I have written below;
Don’t forget to ask for the Deed of Absolute Sale (Contract of sale) – When you buy any property, it is always good to ask for the contract of sale from the property seller. In layman’s term, the deed of absolute sale is simply an agreement between the property buyer and the property seller. Basically, the function of this particular deed is to summarize the important details of the commercial real estate transaction.
Witten in the contract of sale is the location of the property that is being sold, the name of the property buyer, the name of the seller, total value of the property being sold, the size of the property, other terms and conditions that both parties had agreed on and lastly, the date where the property title will be given to the property buyer. This Deed of Absolute sale is a solid contract that could prove the legality of the property being purchased.
Don’t forget to ask for the transfer of property title to your name – When you have paid at least 80 percent of the total value of the property, you can already request the property seller to prepare the transfer of the title under your name. But make sure to present the Deed of Absolute Sale and the payment receipts to have a smooth sailing transfer of title.