As a lawyer, it is important to review several legal documents before purchasing a commercial property. Below are some of the essential documents you should review:
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Title Deed: It is important to review the property's title deed to ensure that the seller has lawful and complete ownership of the property. Verify that the title deed is free of liens or other encumbrances that could affect your ability to use the property as you intend.
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Land Use Regulations: Review any state or local laws pertaining to zoning restrictions and land use regulations to ensure that the property can be used as you intend. This also includes an environmental review to ensure the property is free from any harm or contamination.
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Leases and Rental Agreements: If the property is currently being rented or leased, all existing leases and rental agreements should be reviewed. Consideration must be given to tenant rights, whether the leases are transferable, and whether there are any pending eviction actions or litigation.
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Contracts: Review any contracts relating to the purchase of the commercial property, including agreements with brokers or other involved parties. This review should include understanding the terms of any financing documents, purchase agreements, and deeds of trust or mortgages.
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Permits and Licenses: Review the permits and licenses required for the property, including any required building permits or licenses for operating specific types of businesses on the property.
It is important to note that depending on the specific property, there may be additional documents that should be reviewed before purchasing. Seek the guidance of an experienced lawyer to help ensure that you have reviewed all necessary documents and that you are making informed decisions before purchasing any commercial property.
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