If you are considering buying a commercial property, it is essential to seek the advice of an attorney before signing any purchase agreement. An attorney can help you navigate the complex legal issues involved in a commercial purchase and ensure that your interests are protected. Here are some questions you should ask your attorney before signing a commercial purchase agreement.
What Are the Key Terms of the Purchase Agreement?
Your attorney should review the purchase agreement with you and explain the key terms of the contract. This includes the purchase price, payment terms, contingencies, and closing date. You should have a clear understanding of what you are agreeing to and what your obligations are under the contract.
Are there any Contingencies in the Purchase Agreement?
Contingencies are conditions that must be met before the sale can be completed. These may include obtaining financing, inspection results, or obtaining necessary permits. Your attorney can help you identify any contingencies and counsel you regarding which ones are advisable for you as a purchaser and how they could impact the sale.
What are the Title and Survey Requirements?
The title and survey are critical components of any real estate transaction. Your attorney can review the title and survey reports to ensure that there are no title defects, liens, or encumbrances that could affect your ownership of the property.
Are there any Zoning or Land Use Restrictions?
Zoning and land use restrictions can impact your ability to use the property for your intended purpose. Your attorney can review the zoning and land use regulations to ensure that the property is zoned for the intended use and that there are no restrictions that could impact your plans.
What are the Environmental Issues?
Environmental issues can have a significant impact on the value of the property and your ability to use it. Your attorney can review the value and, in some cases, the necessity of Phase I and Phase II ecological reports to ensure that there are no hazardous materials or other environmental concerns that could impact your ownership or use or financing of the property.
What are the Seller’s Representations and Warranties?
The seller’s representations and warranties are statements made by the seller regarding the condition of the property, its legal status, and any other relevant information. Your attorney can review these representations and warranties to ensure that they are accurate and comprehensive and that you are protected if they are not.
What are the Default and Remedies Provisions?
Default and remedies provisions define the consequences if one party fails to fulfill their obligations under the purchase agreement. Your attorney can explain these provisions and advise you on how to protect yourself in case of a breach of contract.
If you are buying a commercial property, talk to the real estate experts at Wallach & Associates, P.C. Call today at (314) 308-2900.
