First are some preliminary steps that need to be taken before engaging in the process of purchasing a building. You want know why you want to purchase vs. leasing. And then you want to find a good team consisting of a lender, broker, accountant, etc.
Next you want to find the property that best suits your needs; a good commercial broker can help you with this. After finding the ideal property, you shall submit an offer, with the help of your broker. The owner of the property may make a counter offer, and then you may counter back until the price and terms are agreed upon.
Once the offer is accepted, your due diligence period begins. This is where you have the property inspected & analyzed by various parties to check for liabilities, hazards, and the condition. If everything checks out, your financing has to be secured. And through-process, you’ll probably remove contingencies as things work out for you. After all the contingencies are removed you are on your way to owning a new commercial property.
I hope I’ve been helpful, for more details I would recommend reaching out those involved the commercial real estate field in your geographic area and asking about all the steps from submittal of contract to close of escrow.
Feb 28, 2012