Written by Joanne Badr Morgan of Ward and Smith, P.A.
Pre-closing due diligence with commercial real estate helps avoid post-closing remorse.
Your business has taken off, and you’ve been searching for that perfect 7,500 square foot building on an acre of land close to town, with parking and a view, and you’ve finally found it. Mission accomplished, right? Not so fast—before you become the proud new owner of that real estate, you are going to want to know many details about its past ownership, past uses, and any available information in the public records. What you learn during your “due diligence period,” sometimes called the “inspection period,” will either solidify the fact that you’ve found your perfect piece of property, or that you should terminate your contract before your due diligence period comes to an end.
The full article continues below. Click to open in fullscreen…
