COMMERCIAL TITLE SERVICES IN LOUISIANA
Louisiana commercial property title transfers are normally more complex than residential transactions.
The various endorsements and issues involved in transferring the title for restaurants, bars, and other commercial venues, require expertise and tact to negotiate with the various groups involved in the transactions. We are experts in working with all sides of commercial title transfers to represent fair and objective outcomes for all parties.
HOW ARE LEASE RATES CALCULATED FOR COMMERCIAL PROPERTY?
Commercial property lease rates are typically based on the annual cost per square foot of the leased space.
To determine the monthly rent for a property, just multiply the quoted rent per square foot by the number of square feet being leased. The resulting number is the annual rent payable under the lease without any other adjustments to it. The annual rent should then be divided by twelve to arrive at the monthly rent figure.
Gross and net leases are two different ways of quoting rent. A gross lease means that the stated rental rate includes the major expenses from real estate taxes, property insurance, and common area maintenance and that no additional rent for those items is required to be paid. With an absolute gross or full-service lease, the rate will include basic utilities.
An NNN or triple net lease is where the rent is quoted as a base rent net of, or not including, the expenses for real estate taxes, building insurance, and common area maintenance. These expenses are an extra charge over and above the base rent, as well as the utilities. A tenant will typically pay for its phone and internet services under any of these lease types.
KEY ASPECTS TO CONSIDER WHEN CHOOSING A COMMERCIAL REAL ESTATE
Depending on the type of business and how it operates, there are a number of considerations involved in selecting a commercial site.
These factors are numerous and can be of great importance: location, cost, zoning restrictions, access, visibility, available signage, and parking. That is precisely why you need to carefully consider all the steps involved in this complex process to be able to find the best commercial space for your business. Below are listed just some of the crucial elements of buying the right space:
- Understanding and exploring different types of commercial spaces (retail, office, industrial, etc.)
- Knowing the benefits and risks of purchasing commercial real estate
- Examining your investment plan and finding financial means
- Hiring an experienced commercial real estate broker and attorney, as well as a certified public accountant
- Investigating why the owner is selling the commercial property and having the property inspected
- Examining the options for potential expansion in the future
- Finding a lender
- Contacting an insurance agent
- Reviewing all disclosures
- Preparing a comprehensive income and expense analysis
Only once you have completed all of the steps above can you be sure that you have minimized the possibility of any surprise. In other words, you can finally purchase the commercial property and start a new chapter of your business adventure.
COMMERCIAL REAL ESTATE SERVICES IN LOUISIANA
As we already mentioned, commercial real estate transactions can be rather complex. One of the reasons for this is the fact that these acquisitions tend to be far larger financial investments than residential property transactions.
At Southern Title, commercial transactions are handled with experience and expertise.
If you are planning to buy or sell commercial real estate in Louisiana, we are here to help you.
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