Trusting only a seller’s word when buying commercial real estate property is not recommended. Follow the below tips to ensure a fluent transaction
Conduct a property inspection
A property may look flawless on the surface, but underlying problems may exist, and those may include environmental issues, and encumbrances. You should conduct a thorough inspection of the property before committing to a purchase.
Contact an experienced real estate lawyer to assist you in interpreting all legal descriptions of the property to make sure the process will be smooth. Also, consult a real estate lawyer to make sure your commercial real estate business has been properly structured.
Evaluate the title history
Title represents your legal rights over the commercial property. You have to hire an experienced title company staffed by qualified real estate attorneys to make sure the property’s title history is clear. Our title company will examine your property’s legal & title history to ensure that it’s clear of burdens and encumbrances.
Legal issues with the title such as a missing deed, an unresolved claim, or an unpaid lien may be costly for your business, if left unidentified in advance.
Ensure efficient transaction
Buyers, be aware that the seller has all rights and minimal obligations. You need the assistance of a qualified real estate lawyer and title company to make sure your rights are fully protected. Also, an experienced title company will make sure your closing transaction is smooth and hassle-free.
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