Legal Question in Real Estate Law in Indiana
Purchasing Commercial Property
I'm planning buying some commercial property. What documents will I need to protect myself and complete the transaction? Asset purchase agreement, assignment of contract etc??? What about the rents, dont i need a seperate agreement giving me the rents? My father will be loaning me the down payment and will need a promisory note and mortgage drawn up for that as well.
1 Answer from Attorneys
Re: Purchasing Commercial Property
Buying commercial property is not as easy as buying a home. There are numerous minefields to avoid that make it necessary to have experienced counsel guiding you along the way. The lender can help but they are looking out for their interest first.
It starts with the Purchase Agreement which is usually the only document that controls the transaction until closing. there are appraisals, title policies, environmental requirements loan documents, etc. that you will have to deal with before you close.
I strongly urge to retain experienced counsel to assist you. It should not be too expensive but definately may save you thousands in the long run.
I draft loan documents for lenders so i can help with the Note and Mortgage for the down payment
Good luck!
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