There are several issues to closely examine that are above and beyond the things you usually focus on with residential property. Inspections are always important, but with commercial property the structural issues tend to be much larger and therefore more expensive.
Here are some potential areas for complications:
- Environmental Liability – Many states have regulations that are very strict and require advance applications for environmental impact studies and other considerations. Plans for waste removal and recycling will most likely have to be submitted as well. It is wise to retain competent and experienced legal counsel for these matters.
- Certified Commercial Appraiser – Most residential real estate appraisals are fairly clear-cut and there is not much room for dispute because some of the most important factors – comparable sales – are obvious. They use recent sales of similar homes in the same general area and that’s that.
Commercial properties don’t usually have many comparable sales due to the fact that each property is unique and they don’t change ownership frequently.
- Title Issues – Liens on commercial property can be more difficult to identify and you want to make sure there are no clouds on the horizon that can cause problems down the road. Make sure your title is 100% clear.
- Structural Issues – Large buildings have large structural designs and the possibility of large structural problems. Missing a foundation defect, a water intrusion flaw, or any major construction or design defect is unacceptable. A thorough inspection by a licensed engineer is well worth the cost and will buy you peace-of-mind.
Commercial Property Inspections and Expert Witness Services
Justin Hall, P.E. is an engineering form based in Little Rock, Arkansas with experience handling residential and commercial inspections. We also are experienced expert witnesses, available to analyze defects in construction or design and highly qualified to prepare reports and testify as to presence and extent of negligence and/or liability by responsible parties.