Generally the biggest difference comes down to due diligence. Residential purchases deal with general inspections which is typically a quick one day inspection. Residential purchases are also cheaper and are more likely a homestead. Residential deals are emotional purchases that can usually be closed withing 30-45 days. Commercial property purchases involve property that is being used for business purposes, so there is more liability in the property and the land connected to it. The inspection process is extremely extensive, depending on prior usage, so the feasibility period is much longer and closing on commercial real estate deals can be a very long process.

Forum Category Commercial Real Estate

    Time 30/09/2019 12:04 PM    Time  0 Comment

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