Richmond Commercial Real Estate for Free Commercial Real Estate Information – Call 757-869-2375
Richmond, the capital of the Commonwealth of Virginia, lays on the boundary between the Tidewater and Piedmont Region, 110 miles South of Washington, DC. Richmond is an ideal environment for the Business seeking Richmond commercial real estate.
Richmond follows Williamsburg and Jamestown as the third Capital of Virginia. It was also the Capital of the Confederacy. It has a rich historical background, with many 18th and 19th century district undergoing restoration. Patrick Henry gave his famous “Give Me Liberty or Give Me Death” speech at St. John Church in Richmond.
The business environment is vibrant and exciting. With a population over 3.7 million living within 30 miles of the city, an international airport, access to barge and international shipping via the James River, and the crossroads of Interstates 64 and 95, Richmond is home to many major businesses, corporate headquarters, banking, and the normal commercial properties support consumer sales.
If your company is looking for commercial real estate in a dynamic, growing city and urban area, then Richmond is the place to be.
Commercial Property Definitions
Commercial real estate agent – An individual authorized by his state of residence to negotiate and transact the sale of commercial real estate.
Real Estate Settlement Procedures Act (RESPA) – The advanced notice of closing costs lenders are required to provide borrowers in advance of closing as dictated by consumer protection laws.
Realtor® – A member in good standing of the National Association of Realtors that is licensed by their real estate board as a commercial real estate agent, broker, or associate.
Title Company – A company specializing in the examination of commercial property titles accuracy and acts as an agent or provider of title insurance.
Real property – Land and any other appurtenances of a permanent nature such as houses, buildings or structures, trees, minerals, and the interest, benefits, and inherent right.
Veterans Administration (VA) – A Federal Government Agency guarantying residential mortgages made to eligible military service veterans. The guarantee protects the lender against loss; encouraging lenders give mortgages to veterans.
Private mortgage insurance (MI) – Mortgage insurance given by private mortgage insurance company protecting lenders from loss in the event of default by the borrower. Most lenders require mortgage insurance on commercial real estate when the down payment is less than 20 of the purchase price.
Commercial Real Estate Purchase agreement – A written contract signed by the buyer and presented to the seller containing the terms and conditions for the purchase of the commercial property by the buyer.
Purchase money transaction – The payment of cash or its equivalent for commercial real estate.