Conducting Due Diligence in Commercial Property Transactions

Top view of handshake of a real estate agent and a client.

Due diligence is an essential step in any commercial acquisition, merger or other significant structural action. Each type of transaction requires a unique analysis that focuses on specific factors. When acquiring commercial properties, there are several important documents and records that must be explored to determine that the transaction is legally sound and financially feasible. This is particularly important in commercial property acquisitions since commercial purchasers rarely have the same kinds of consumer protection laws that residential purchasers can rely upon.

A commercial property can be purchased by an investor, a user who plans on occupying the property, or a developer who intends to convert the property in some manner and lease or sell it to other parties. Each type of purchaser may have a different focus when conducting due diligence, but there are certain elements that are common to most prospective purchasers.

Property features. The buyer must obtain a copy of the title policy as well as a legal description of the property. In addition, the seller should provide a topographic study of the property including all plans that the seller has commissioned. Any certificates demonstrating zoning restrictions and approvals should accompany these documents. Last, any legal restriction related to the property, including covenants, easements should be thoroughly investigated.

Financial matters. The commercial purchaser should carefully review the details of the property leases that generate income. This includes a copy of each written lease, a review of rental income and other income sources, and any other payments made by the tenants, such as security deposits. In addition, the future costs of purchasing the property, such as ongoing assessments, should be taken into consideration when evaluating the costs of purchase. All details related to financing, if the seller is financing a portion of the purchase, must be clearly articulated.

Environmental concerns. Purchasers should hire experienced environmental specialists and engineers to conduct and obtain environmental studies that are needed to assess the suitability of the land for the purposes for which it was bought. This may include asbestos, lead, and soil tests. It is advisable to obtain copies of “as built” specifications for the structure as well.

Contact Shane Coons at 949-333-0900 or visit his website at www.ShaneCoonsLaw.com to find out more about his practice.

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Conducting Due Diligence in Commercial Property Transactions

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