Why do I need a lawyer to buy or sell a commercial property?
Buying or selling a commercial property is substantially different than buying or selling a house, even an expensive house. Persons buying commercial properties want to make certain that the property is suitable for the intended use. Often suitability may not be determined without substantial investigation. Inspection clauses and disclosures in a typical residential contract are normally inadequate for most commercial transactions since the time periods involved are aimed at closing within thirty to forty-five days of contract execution. Almost always the time frames necessary for adequate commercial due diligence are substantially longer. Further, the types of inspections that will be made including the information to be provided by the seller is often subject to negotiation between the buyer and seller. There is no "typcial" disclosure in commercial transactions. For this reason, if not many others, anyone buy or selling a commercial property should seek proper legal advice from someone skilled in the process.