The Apartment Buying Process

Take a moment to familiarize yourself with the buying process for commercial real estate as it differs significantly from residential.
Summarization of the commercial real estate buying process:

  1. Determine Your Personal Investment Criteria
  2. Determine Preliminary Loan Terms/Requirements/Abilities
  3. Run Property Search/Work with Broker
  4. Weed Out Properties
  5. Run Preliminary Numbers on Remaining Properties
  6. Preliminary Due Diligences:
  7. Strategize Deal Structure
  8. Letter of Intent
  9. Begin to Secure Financing
  10. Due Diligence (Legal, Financial, Physical)
  11. Re-Negotiate Purchase Terms as Necessary
  12. Issue Purchase Contract
  13. Finalize Financing
  14. Final Inspection & Review of Documents
  15. Close Escrow

Although this is the progression of the steps involved, several steps are typically completed simultaneously.