As a lawyer, I would advise you to take the following legal steps before purchasing a commercial property:
- Conduct a title search: A title search will reveal who holds legal ownership to the property, any liens, judgments or other encumbrances on the property. This serves to protect the buyer from purchasing a property with prior claims or debts.
- Obtain a survey: A survey will identify the boundaries of the property and any encroachment issues. A survey also confirms that the property is in compliance with zoning laws and regulations.
- Inspect the property: Conducting multiple inspections of the property can save you from undisclosed or unforeseen repairs, liabilities and expenses.
- Review any zoning and land use regulations: Make sure the intended use of the property is allowed in the given zoning classification. It is important to understand the restrictions, benefits and obligations while purchasing a commercial property.
- Check environmental reports: Environmental concerns like contaminated soil and water can cause potential danger and financial liability. The environmental reports and audits are available for purchase to avoid any additional risks.
- Obtain financing: Obtain financing to be pre-approved or pre-qualified for the mortgage or to ensure that you have the funding available for the property purchase.
- Review the Purchase agreement: Understanding the legalese in the purchase agreement is crucial. It's important to have legal representation to take advantage and verify the conditions of the purchase agreement before signing.
- Obtain closing documents: Review documents such as the deed, title insurance policy, and any other closing documents to ensure they are accurate and in compliance with current law.
It is recommended to have the services of an experienced commercial property attorney to help you navigate the legal aspects of purchasing commercial property. Hire a lawyer to protect your interests, reduce risks and provide you with the best legal advice specific to your situation.
By
