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Financing sinks South Carolina waterfront commercial land deal

Over the last couple years, the South Carolina State Ports Authority has been looking to sell a valuable tract of waterfront land. The goal was to sell the 51 acres to a developer. Recently, it looked as though a commercial real estate transaction would finally be completed after numerous attempts to sell the land fell through. Unfortunately, the most recent deal met the same fate as the others.

According to officials from the port authority, the development firm looking to buy the land failed to negotiate the funding necessary. Prior to this most recent attempt to complete the deal, the development group had been given four extensions to secure the $17 million necessary to buy the property.

Now, the State Ports Authority is looking at other potential buyers, since it appears as though the previous prospect buyer will not be able to come up with the funds. According to the authority, the developer was "unable to complete a complex financial transaction." In real estate purchases of this magnitude, a large number of problems can emerge during the course of the transaction.

This particular case serves as a reminder for businesspeople and real estate mavens in the Charleston area: Real estate transactions may not go as planned. Even when a property sale or acquisition looks like a simple, slam-dunk process, one issue can completely derail the transaction. This is why it is important to be prepared for whatever issues may arise before the closing. Of course, securing funding is essential, but it's necessary to make sure that the property title will switch hands without incident, the property's acreage is accurate and the land can be used for the intended purposes. By being diligent, a person can successfully complete their real estate transaction and begin to discover the opportunities at hand.

Source: The Post and Courier, "Port Royal port land sale falls through, again," David Slade, Sep. 12, 2012

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