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- COMMERCIAL REAL ESTATE TRANSACTIONS IN FLORIDA -

We can never recommend that a person or company purchase any commercial real estate in the state of Florida without first consulting with a real estate attorney. If it is true that in the purchase of real property there are substantial rewards for the investor, it is also true that it has substantial risks. It is important to confirm that the zoning really is what it is said to be and this is equally important, that the zoning is in line with the city’s or county’s or state’s comprehensive growth plans. If you are purchasing a commercial building, you need to know the status of both the zoning and the comprehensive plan in the event the property is destroyed by fire or other hazard, such as a hurricane. Can you rebuild it? Do you have to comply with new and more restrictive building or land use codes? Are there hazardous substances underneath the ground or underneath neighboring lands that can seriously impact on the ability to develop or re-develop the property? Perhaps, you wish to purchase existing rental properties and convert them into a condominium or a home-owners association (there are differences). Will the zoning and comprehensive plan allow that? What steps have to be taken in order to formulate the plans you might have for converting to condominium or home-owners association ownership? Is it economically feasible to do what has to be done? Are there asset protection methods of holding title to the property? All of these and much more should be examined and the best way to start is to retain an experienced real estate attorney who can look into many of the issues and can direct you to where to find those answers that he is not able to handle for you.