What are the legal steps I should take before purchasing a commercial property?

Before purchasing a commercial property, there are several legal steps one should take to ensure that the property is free from any legal constraints or issues. These steps include:

1. Contract Review: Obtain the contract of sale for the property and review it carefully. Look for any clauses that could be problematic or that would require further negotiation. Identify any contingencies that may apply, and ensure that they are achievable ones.
2. Property Title Search: A complete search of the property title is required to uncover any existing liens, mortgages, or other encumbrances on the property. This search will also identify any easements or other rights that may be granted to others, and will reveal if any restrictions are placed on the use of the property.
3. Property Survey: Conduct a property survey to ensure that the dimensions of the property meet zoning regulations and that no constructed features of the property, such as buildings or fences, encroach upon neighboring properties or violate any easements or other rights.
4. Inspection of the Property: Get an independent inspector to conduct an inspection of the property. The inspector should carry out a thorough review of the building and land, looking for any issues that will require repairs, and ensure that all systems and features of the property are in proper working condition.
5. Environmental Review: An environmental review of the property must be conducted to ensure that there are no hazardous substances or materials present on the property or surrounding areas. This is to ensure compliance with local environmental regulations and any potential liabilities associated with cleanup.
6. Legal Counsel Hire: It is highly recommended that you meet with an experienced commercial real estate attorney who will review the above steps with you and provide legal advice. Ensure that the attorney is licensed to practice law in the jurisdiction where the property is located.

In conclusion, undertaking these legal steps before purchasing a commercial property is vital to protect your investment and to ensure that the property is free from legal constraints. It is essential to hire skilled commercial real estate counsel, who can provide legal guidance and ensure that all of the necessary steps have been met.