What legal documents do I need to review before buying a commercial property?
As a lawyer, there are several legal documents that you may need to review before buying a commercial property. These documents include:
- Purchase agreement - this is the contract between the buyer and seller outlining the terms and conditions of the sale. It should include the purchase price, payment terms, closing date, and any contingencies that need to be met before the sale can be completed.
- Title report - this is a document that provides information about the property's ownership history, any liens or encumbrances, and any restrictions or easements on the property.
- Survey - a property survey is a document that shows the boundaries of the property, any easements or encroachments, and any improvements made on the property.
- Zoning and land use regulations - these documents provide information about the property's current zoning and any restrictions on how the property can be used.
- Environmental reports - depending on the property's location and history, you may need to review environmental reports to ensure that there are no environmental hazards on the property.
- Leases and rental agreements - if the property is currently leased, you may need to review the lease agreements to determine the rights and obligations of the landlord and tenants.
It is important to review these documents carefully to ensure that you understand the rights and obligations associated with the property. If you have any questions or concerns about any of the documents, you should discuss them with your attorney. Additionally, you may want to consider conducting your own due diligence, such as inspecting the property or speaking with local officials, to ensure that the property meets your needs and expectations.