When buying commercial real estate, it is essential that you work with individuals and professionals who understand the process and the legal aspects. A real estate purchase is usually high stakes due to the large value of the property, so you want to ensure you get the fairest deal possible. Most of all, you need to be diligent when it comes to the contract you sign and make sure that it is fair.
If the contract seems to be one-sided where the benefits largely lie with one side, then you need to beware. You both should benefit from the deal. Be sure to especially read through the provisions carefully as this is often where things lie that may not be favorable to you.
Landlord/tenant rights and responsibilities
If the property you are buying already has tenants, then you need to ensure there is language in the contract clearly spelling out responsibilities and rights. If this is lacking or not present at all, it could cause a lot of hassle for you in the future.
Not in writing
For you to have the best protection and for the agreement to be legal, it must be in writing. You cannot accept someone’s word. This includes all terms and conditions of the sale. Make sure everything is in writing in a contract that you both sign. In addition, make sure the document is clear and concise. A sloppy or confusing contract can lead to issues down the road due to misunderstandings or not being clear on certain provisions.