While most things in a commercial real estate agreement is negotiable, it's important that the entire agreement is carefully examined by both you and a Los Angeles Business Lawyer. If you fail to carefully inspect your entire agreement, it might result in a frustrating and expensive lawsuit. As a buyer, it's vital to understand what to look for before executing any real estate agreement.
Below are a few things to keep in mind:
- Make sure everything is in writing
It's important that everything discussed is set in writing including but not limited to the description of the property, a detailed description of any existing research, a description of any service contracts, etc. Anything that is not in writing may not hold up in court so be sure that all agreements are written and signed by all parties involved.
- Inspection Period
Once your money is in escrow, there will be a period of time where you may inspect the property and all documentation. During this time you can obtain an environmental report, as well as an opportunity to review a title commitment. Enlist the help of an attorney to review these documents to ensure you are getting the best deal possible.
- Estoppel Certificates
If you are buying a piece of property that has existing tenants, it's important to obtain and examine the estoppel certificates. This certificate is a written and signed statement confirming the details of a tenant's lease agreement.
Unfortunately, real estate commercial disputes are not uncommon and many business owners find themselves in expensive disputes after failing to take the proper precautions of consulting with an attorney experienced in real estate. When dealing with a dispute or if you are looking to take the steps to avoid one in the future, be sure to contact Catanese & Wells at 818-707-0407.