On behalf of Kadish & Anthony Law Group posted in Closely Held Businesses on Tuesday, June 21, 2016.
After taking the time to locate a piece of property here in Arizona that will work for your purposes, you want to make sure that everything regarding the purchase goes well. Commercial real estate purchase agreements can be complex and have many moving parts. Inadvertently skipping a step could either keep the purchase from being completed or cause issues at some point in the future.
One of the issues that could take some time to deal with is making sure the title is clear, which means that no one else has a claim on the property. Mechanics liens, tax liens and other issues can prevent you from obtaining a clean title to the property. Without an attorney who understands the importance of due diligence, you might end up being unable to perfect the title to the property.
Other issues, such as appraisals and inspections, will also need to be done. If you are going to obtain financing, your attorney should be able to help you with the documentation as well. While due diligence and financing are being completed, negotiations for the terms of the purchase agreement can be started.
Once all of the legal and business issues are resolved, the documentation can be prepared and signed. Your attorney will also accompany you to the closing to make sure that things go smoothly. Making sure that all of the work is done correctly up front could allow you to enjoy your new property for a long time. More information about buying commercial real estate here in Arizona is available on our website.