This form is for an option to purchase residential real estate - Commercial lot or land. It contains provisons for the payment of option money and other terms of the transaction.
New York Option For the Sale and Purchase of Real Estate - Commercial Lot or Land
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How to fill out Option For The Sale And Purchase Of Real Estate - Commercial Lot Or Land?
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FAQ
While residential properties are exclusively used for private living quarters, commercial refers to any property used for business activities. Commercial refers to hospitals, assembly plants, storage warehouses, shopping centers, office spaces, or any other location for a business enterprise.
Commercial property can be converted into a residential property if zoning and housing laws allow. Local governments have regulations dictating property distinctions and, in most cases, will distinguish specific areas for residential versus commercial land use.
This is because, in the case of residential property, the tenants live in the space, meaning the landlord plays a larger role in their personal lives. Commercial property, on the other hand, is any property not primarily used as a residence: office spaces, retail spaces, warehouses, and even hotels.
In short, yes you can live in a commercial property... but only if you convert its status to residential first. If you'd like to discuss how we can help you convert your commercial property into residential property, then get in touch.
If you purchase a building that is registered as commercial property, then you may need to obtain planning permission before you go ahead and convert it to residential accommodation.
Is it Legal to Live in Your Commercial Property? The answer is: it depends on how the property is zoned, and on the specifics of your particular situation. However, no matter where you live or who your landlord is, all properties are subject to zoning laws.
Appreciation Value: Commercial real estate provides excellent appreciation over a longer period as compared to other property types. Also, investing in a premium commercial property through REITs or fractional ownership may provide attractive returns with much lower and pocket-friendly investment.
Commercial property is real estate that is used for business activities. Commercial property usually refers to buildings that house businesses, but can also refer to land used to generate a profit, as well as large residential rental properties.
Residential vs Commercial Residential refers to place that is used for purposes of living; commercial refers to a place that is used to gain profit, or conduct activities that are other than the simple purpose of living.
This is because, in the case of residential property, the tenants live in the space, meaning the landlord plays a larger role in their personal lives. Commercial property, on the other hand, is any property not primarily used as a residence: office spaces, retail spaces, warehouses, and even hotels.