If you need to put tens of thousands of dollars into improving and renovating a space, the price had better reflect that. You are paying for the condition that you inherit the building in, not the condition that you are buying the space in.
THE PROPERTY WAS ON THE MARKE N THE MARKET FOR TOO LONG
There’s probably a reason for this. Most commercial properties get bought fairly quickly. Demand may go up and down, but usually they won’t sit too long. It could be no problem at all. This is just a red flag that you should look into. Do some footwork or some networking through your broker to see why it is still on the market.
DON'T TRUST ORAL TRANSACTIONS OR WHEN AN OWNER SAYS “TRUST ME”
It’s a bad sign when an owner or their representative asks you to rely on verbal phrases. If they ask you to “trust them,” you probably shouldn’t. That’s because there’s simply no reason for anything not to be in writing that isn’t bad for the buyer. Sellers should understand why you aren’t comfortable with that. Every term should be in writing. It is for your protection and for the other party’s. Any owner who says don’t worry, a verbal agreement is fine, should have no real reason to put it in writing that moment, unless they plan on something shady. This is the same for any upfront terms or timelines of the final sale. If the owner says they are good for it and it doesn’t need to be in an official record, there is no real reason it isn’t in writing and signed, unless they aren’t actually good for it.
Each party should be more than understanding when it comes to
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