Closing on commercial real estate purchases involves each party being aware of their duties. There are not as many regulations for commercial real estate sales as there are for residential sales, so it is up to the buyer and seller to ensure the deal is good by going through four steps.
1. Authority Verification
Because commercial purchases are often on behalf of a business or group of investors, there has to be a formal agreement on who has the authority to sign the legal documents that are part of the process. Property metrics explains authority verification is simply getting an agreement on who can legally sign documents on behalf of all the buyers or sellers.
2. Due Diligence
Due diligence is the process of checking out the details of the transaction. Since laws concerning commercial real estate are not as strict as those for residential real estate, there may be some information the parties fail to provide to each other. It is up to each party to make sure they understand the deal completely, including any issues, which means it may be a good idea to consult with a commercial real estate attorney Austin.
Escrow is the process of paying money upfront to secure trust between the seller and buyer. There is an escrow agreement that controls the process and gives conditions to meet to come out of escrow and complete the sale. It will also cover how to back out of the deal should one party want to leave.
4. Document Finalization
The actual closing of the deal comes when both parties sign all documents and there is a transfer of payment. At that time, everything is final and the buyer takes possession of the property as the new owner.
Making the Purchase
The process of closing a commercial real estate deal is often more complex than a residential deal because of the type of property and the types of buyers and sellers involved. It is important to understand for those new to this industry.
Starting your own business is a great idea until you realize how complicated hiring staff can make the process. You don’t want to spend the extra money to bring a human resource professional, and you may feel like you can handle two or three extra people and schedule. However, it isn’t this easy. Employment regulations are complex, and without a firm knowledge of these areas, your business may be liable for a lawsuit. If this happens you better make sure you have an employment law attorney Orlando on retainer. Don’t make these common business mistakes.
Misclassifying Your Employees
You need to know the difference between hiring an employee and using an independent contractor. When you use the classification of an independent contractor, your company doesn’t have to provide certain benefits or pay certain taxes. However, if you misclassify an employee as a contractor, you could be facing steep state and federal fines as well as an employee-instigated lawsuit.
Not Following the Employee Handbook
Your handbook might be small, but it is extremely important in addressing many of the decisions you or your employees make. The handbook outlines the expectations of employee behaviors and performance, but it also summarizes the benefits that employees are entitled to receive. If your company is brought to court, the handbook can serve as a protection and point of reference to show your company’s compliance with applicable labor laws.
Avoiding Employee Complaints
Even if you have two or three employees, it is important that you address and document all complaints and attempts at resolution. Failing to do so could leave your company vulnerable to discrimination or harassment lawsuits. Be on the lookout for areas that could fall under ADA areas, as well as sexual harassment.
Small companies are just as vulnerable to litigation as large corporations with dozens of employees. It may be in your best interest to work with a third-party HR management to help reduce your risk in these areas.
If you are the child of aging parents in Massachusetts, you may have started to notice that they are having a bit more difficulty with normal daily functions like cooking and cleaning. Or, maybe you’ve been taking care of your parents for a while and it’s starting to become too much for you. Your aging loved ones need help, but they want to stay at home. Home care professionals can help. Here are a few tips on how to choose the right home care provider for your loved one.
Find Home Care Providers Near You
Your first step in finding the right for your loved one is to do a little research and find out what options are available near you. You can easily find home care Massachusetts near you by conducting an online search. Take your time and read through the websites to see what services they offer to make sure that they can meet your loved one’s needs.
After finding a few home care providers near you that offer the services you need, read reviews. The websites may offer reviews but it is important to look elsewhere as well. See what others have to say about the providers. If someone had a bad experience, pay attention to the reasons why.
In addition to reading reviews, it can also be helpful to talk to others in a similar situation. If you know someone who uses home care for their loved ones, find out who they use and what their thoughts are.
The best way to get to know a provider is by meeting with them in person. Prepare a list of questions. Pay attention to how you feel with the provider. It can also be beneficial for your loved one to be with you when you conduct interviews so that you can get their opinions as well.
You want your loved ones to get the best care possible. Taking your time to research your options and meet with different providers can help to ensure that you make the best choice.