How to Put a Commercial Property under Contract

If you`re interested in purchasing a commercial property, you`ll need to put it under contract. A contract is a legal agreement between two parties that outlines the terms of the sale. Once you have a contract in place, you can move forward with the due diligence process and eventually close the deal.

Here are the steps to put a commercial property under contract:

1. Find the right property: Before you can put a property under contract, you need to find one that meets your needs and budget. Consider factors such as location, size, zoning, and condition.

2. Hire a real estate attorney: A real estate attorney can draft the contract and help you navigate the legal complexities of the transaction. They can also review the seller`s disclosures and other important documents to ensure that you have all the relevant information.

3. Submit an offer: Once you`ve found a property that you`re interested in, you`ll need to submit an offer to the seller. This offer will typically include the purchase price, closing date, and any contingencies that you want to include in the contract.

4. Negotiate the terms: The seller may counter your offer with different terms, such as a higher purchase price or a different closing date. You and your attorney will need to review these terms and decide whether to accept them or counter again.

5. Sign the contract: Once you and the seller agree on the terms of the sale, you`ll need to sign a contract. This contract is legally binding and outlines the rights and responsibilities of both parties.

6. Conduct due diligence: After the contract is signed, you`ll have a certain amount of time to conduct due diligence on the property. This may include a site inspection, environmental assessment, and review of financial records.

7. Close the deal: Assuming that everything checks out during the due diligence process, you`ll be ready to close the deal. This involves transferring funds and legal ownership of the property to you.

Putting a commercial property under contract can be a complex process, especially if you`re new to the world of real estate investing. However, with the help of a skilled attorney and careful attention to the details, you can successfully navigate the process and acquire the property of your dreams.