Before buying a commercial real estate property in Illinois, there are several steps that you should take to ensure a smooth and legally sound transaction.
First, you should hire a qualified real estate attorney who is familiar with Illinois law and experienced in commercial real estate transactions. Your attorney can help you:
- Review the purchase agreement
- Negotiate any terms or contingencies
- Conduct due diligence
- Coordinate with other professionals involved in the transaction, such as the title company and surveyor
Next, it is important to:
- Conduct a thorough inspection of the property
- Obtain a survey, if necessary
This will help you identify any potential issues, such as:
- Zoning violations
- Environmental hazards
- Encroachments
That may affect the property's value or your ability to use it for your intended purpose.
You should also:
- Obtain a title search
- Obtain title insurance
This will ensure that the property is free and clear of:
- Liens
- Encumbrances
- Disputes
That could arise after the sale. Title insurance can also protect you against any defects that were not discovered during the title search.
Additionally, you should:
- Review the property's lease agreements, if any
- Understand the current tenants and lease terms
This will help you assess the property's income potential and any obligations or liabilities that you may inherit as the new owner.
Finally, you should:
- Carefully review and negotiate any financing arrangements
- Ensure that the terms are fair and reasonable
Your attorney can help you identify any hidden fees or unfavorable terms and negotiate on your behalf to achieve a more favorable outcome.
Overall, it is important to approach a commercial real estate transaction with caution and thorough due diligence to minimize the risk of legal disputes or financial losses.
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