Importance of Knowing the Common Used Terms in Commercial Real Estate

Florida is one of the most popular places where there are plenty of business opportunities and companies, with different enterprises. The Florida commercial market is also full of many properties and commercial spaces that can accommodate different types of businesses.

Having a business in Florida is very profitable especially if you have the right commercial space that can cater the needs of your business. Whether you rent or own a Florida commercial property, the related expenses in maintaining one, is one of the most significant costs that you will have. For that reason, it is important to handle whatever consequences of having acquired the property, or have it leased.

When closing a deal on the purchase or lease of the Florida commercial property, make sure that you have consulted an attorney that has full knowledge of the real estate law. It is also important to work with the right agents who have the right skills and knowledge when it comes to real estate business. But above all, you have to make sure that you are familiar with the basic information and terms that are commonly used in commercial real estate. This will avoid you from having a bad deal.

Here are some of the frequently used terms in commercial real estate that you need to be familiar.

Broker – This is the real estate agent who is in charge of linking up the buyer and the seller, or a lessee and the landlord. This person should be licensed in the state where they work. This person is compensated in the form of commission either from the seller or the buyer of the Florida commercial of partial assessment of the commercial property’s market value and the basis that brought about the estimation.

Concession – These are the benefits or discounts that are given by the seller of the landlord of the commercial property. This usually includes absorption of the transfer, renovation of the space and trimmed down rental fee.

Built to Suit – This refers to the leasing method of a Florida commercial real estate property wherein the landlord makes some improvements to the commercial property based on the specifications of the lessee. And this is only applicable to a long term lease contract. please visit:-

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