What legal steps should I take when buying a commercial property?

As a lawyer, providing legal advice for purchasing a commercial property involves several essential steps to protect your interests and ensure compliance with relevant laws and regulations. Here are some key legal steps to take when buying a commercial property:

1. Conduct Due Diligence: Before purchasing any commercial property, it is essential to conduct a thorough investigation of the property's condition, zoning, and legal status. This process is known as due diligence and it may involve hiring a property inspector, an appraiser, and a surveyor to evaluate the property's physical condition, value, and boundaries. It is essential to review the property's zoning and land use regulations to ensure its current and future intended use complies with local laws.
2. Review Purchase Agreement: Once you are satisfied with your due diligence, it is time to review the purchase agreement carefully. Ensure that the agreement includes the necessary contingencies and protections, including financing, inspection, and appraisal contingencies. Any verbal statements made by the seller should also be included in writing within the purchase agreement.
3. Title Search: Prior to making the purchase, you must obtain a title search of the property. Title search helps identify any issues that may affect ownership or the property's use that could lead to legal and financial consequences. It also helps ensure that there are no existing liens or legal conflicts on the property.
4. Secure Financing: If you require financing, you must secure a loan before finalizing the transaction. It is smart to shop around for lenders and pre-qualify to determine how much you are qualified to borrow. You must ensure that all the terms of the loan are reflected in your purchase agreement.
5. Close on the Property: After all these steps have been completed successfully, it's time to close the sale. Work with a reputable title company or attorney to ensure that all the necessary documents are present, and the transaction is handled legally and ethically.

In conclusion, taking these five legal steps while purchasing commercial property can help safeguard your interests and minimize potential risks that could lead to legal issues down the road. However, it’s advisable to engage an experienced real estate attorney to advise on any legal questions and guide you through the process.