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Information companies need before purchasing land for development

On Behalf of | Dec 13, 2018 | Commercial Real Estate |

Companies in Florida looking to build office buildings, strip malls, factories, warehouses or types of commercial buildings have different options for how they will accomplish their goal. One is to buy land where there is existing commercial real estate with buildings on it and try to renovate the existing buildings or tear them down and build new ones. The other is to buy vacant land and build the structures they want on that land.

There can be advantages and disadvantages to all these options, but prior to buying any land the companies need to know certain information about the land first. The companies need to know the zoning laws for the land they are purchasing so they know whether they can legally build the type of structures they want to build. They also need information about regulations for the land for the height of buildings or how far they need to be from certain boundaries.

In addition to those listed above, the companies should also do a title search for the land, check whether there are any wetlands on the property and potentially have testing done to ensure there are no chemicals or other things that need to be cleaned up based environmental laws prior to building. Obtaining all this information can take some time, but it is important to know all of this information prior to buying as opposed to after the money has been spent on the property.

There are many companies in Florida that have plans to build new buildings or purchase land to develop into commercial buildings. The projects can be very expensive to get started, but they can also be very lucrative. However, the company will not be able to make money if they cannot build what they want to build due to restrictions on the land. So, it is vital that the company knows that prior to purchasing the land. Attorneys understand these laws and may be able to help the company purchase the right property.