Commercial Property Purchasing (Lease) Question!?
Location: (Calgary, Alberta, Canada)
Questions:
1.) If I want to purchase a property. Would I have to pay the mortgage in full or can I put a down payment and then pay off the mortgage monthly?
2.) I I were too Lease. How does the rate work?
I assume the formula it’s MP=Sq-Ft(Regular+Additional Rate).
Excluding GST, & other costs.
Thanks for any informative answer.
BTW – I’m trying to open a small restaurant. but it’s seems very more expensive than what I thought. I’m hoping perhaps someone could give me advice before I see my Realtor next week.
I don’t know how Real Estate law works in Canada, however here in the U.S. a purchase can be all cash or a down payment can be made and mortgage is written for the balance of the sales price.
If you are the purchaser you will be the owner of the property however the bank or lender who lent you the money to buy the property is known as the lien holder and the property is encumbered–meaning you can’t sell the property until the mortgage is paid in full. It’s same when you finance a car. You don’t get the pink slip (the title) until the car is paid in full.
For a lease there are two types: Full Service and Triple Net. Full Service means all the utilities, taxes and insurance are covered in the lease and paid by the landlord, Triple Net means those 3 things are your responsibility.
Also depending on the type of property many landlords will give concessions for Tenant Improvements. Meaning they will actually pay upfront money to configure the space to a tenants needs in exchange for a credit worthy tenant signing a long term lease.
Commercial or Residential – Multiple Suites in a Property
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