What legal steps do I need to take before buying a commercial property?
As a lawyer, I can provide the following legal advice on the necessary steps to take before buying a commercial property:
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Conduct a Title Search: Before purchasing a commercial property, conduct a thorough title search to ensure that the seller is the rightful owner of the property and that there are no claims or liens against the property.
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Obtain a Survey: Obtain a survey of the property to determine the exact boundaries, any easements, and potential zoning issues.
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Review the Property's Zoning & Permits: Verify that the property is zoned for the intended use and obtain any necessary permits and licenses from the city or county.
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Review the Property's Environmental History: Review the property's environmental history, including any prior environmental assessments, inspections, and reports.
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Obtain a Property Inspection: Hire a professional property inspector to thoroughly inspect the property and review any potential issues, such as structural defects or safety hazards.
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Review Existing Leases and Contracts: Review any existing leases, contracts or agreements associated with the property including whether there are tenants with active leases.
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Review the Purchase Agreement: Review and negotiate favorable terms in the purchase agreement, including financing and closing costs.
It is important to note that the steps above are general guidelines and the specific requirements may vary depending on the jurisdiction, property type, and other factors. As such, it is important to consult with a licensed attorney to ensure compliance with local laws and regulations.
If any issues or potential legal problems are identified during these steps, further action may be necessary including negotiating with the seller, obtaining an attorney's opinion or seeking further legal advice.