DUE DILIGENCE IN COMMERCIAL REAL ESTATE TRANSACTIONS
IN SOUTH FLORIDA
Almost all commercial transactions in Florida, whether selling commercial real estate, assets, or real estate with a company, carry with it a Due Diligence period. Due Diligence on Commercial Real Estate Transactions in Miami is the period of time the buyer, acting in conjunction with their real estate attorney, has to inspect the books and records of the selling company.
Both the Purchaser and the Seller hold certain responsibilities with regard to Due Diligence in Commercial Transactions.
BUYER DUE DILIGENCE
The Buyer’s Due Diligence may include the following:
- Performance of Physical Inspections of real property;
- Mold Inspections;
- Appliance, Equipment and Machinery Equipment;
- Review of Sellers books if sale of business is included;
- If health or food industry, contacting DERM to make sure business or property have no violations that would pass to the new buyer;
- Lien searches to check for any open liens, violations, code enforcement or building and zoning violations;
- Title and zoning review to make sure no exception will preclude the buyer from obtaining clear title;
- Reviewing of any Leases or Assignments of Leases;
- Inspections of inventory;
- Fire system inspections
- Lead Based Paint concerns;
- Asbestos concerns;
- ADA Compliance for business
SELLER DUE DILIGENCE
- Making sure all inspections are coordinated;
- Making sure all company financial records are provided to buyer, including company records, tax returns, vendor list, client list and any maintenance and utility bills;
- Seller should disclose whether there is any pending litigation;
- Making sure any procedures agreed to in the contract are adhered to.
Rather then rushing into a commercial deal that involves due diligence, have a real estate attorney review your contract prior to signing. This will insure that you are protected in commercial real estate transactions.
At the Law Offices of Jacqueline A. Salcines, PA, we are keenly aware of the requirements for commercial real estate transactions and due diligence requirements and deadlines in these commercial real estate transactions. Don’t delay! It is imperative that you hire a real estate attorney before you sign any commercial real estate contract. Allow my team of attorneys and accountants to go to work for you, and advise you before you enter into the Commercial Contract.
About the Author:
Jacqueline A. Salcines, Esq is the Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Commercial Real Estate Law Group. With over 17 years experience as a real estate lawyer in the business of real estate, including holding a dual degree in Accounting, her broad knowledge of real estate law and due diligence protects and serves the clients we represent.
Call us today to set up an appointment to discuss your purchase or sale. We are here for you!
Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com
TRUST | COMMITMENT | RESULTS
JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
CORAL GABLES, FL 33146
TEL. 305 669 5280