What You Need to Know When Purchasing a Property for Your Business
Selecting an appropriate property for your business can be challenging. You want to assure that wherever you end up, the property meets the needs of your business. Below are five important things to consider.
Perhaps the most important thing you need to ensure is that the land you are looking at is zoned properly for your intended business use. If you purchase property that is not zoned correctly, there is a chance you will never be able to use that property for your business.
Determining whether the necessary utilities are located on or near the site is essential. The cost of running new utilities, such as sewer or water, to the site can quickly add up into the thousands, so ensure all needed utilities are provided.
The perfect piece of property can quickly become unusable if the property is encumbered by numerous easements or restrictions. Be sure to have your attorney work closely with the title company to ensure the property’s title is clear.
Access to and from city, state, and county roads may be controlled, meaning you need to obtain a permit to have a new access point added. If your business requires special access needs, such as requiring two access points or an over-sized access point, you may wish to work with your attorney and the appropriate governing authority to ensure those accesses will be granted before you purchase the property.
If the property has been used for a potentially hazardous use in the past, it may be wise have soil and groundwater testing done to ensure there is no contamination on the site. Similarly, older buildings should be tested for asbestos. Purchasing a contaminated site can cost you thousands of dollars in clean up and remediation fees.
If you are looking to purchase a property for your business, you should work with an experienced NY real estate law attorney. Meyer & Spencer PC, a real estate lawyer Orange County NY, can assist you through this important process.