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Beverly commercial real estate lawyer for due diligenceAll types of real estate transactions can be complicated, and buyers and sellers will need to address multiple issues related to the financing, the title to the property, the condition of the premises, and land use laws. Commercial real estate closings can be especially complex, and unlike residential closings, the parties will not be protected by the Real Estate Settlement Procedures Act (RESPA). Because of this, it is crucial for buyers and sellers of commercial real estate to conduct due diligence that will allow them to identify any issues that may need to be addressed before the sale can be finalized.

Types of Due Diligence in Commercial Real Estate Closings

The issues that need to be addressed when performing due diligence can generally be grouped into the following categories:

  • Physical - A physical inspection of the property should be performed to examine its condition, ensure that it is up to code, and determine whether repairs, renovations, or improvements will be needed. This can identify any defects that the buyer may ask the seller to correct while also helping the buyer determine their budget for any work that will need to be done to be able to use the property as planned.

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