The process of buying commercial real estate in Ohio is similar but usually more complicated because we are dealing with a more complicated piece of property. It’s a more intense and extensive sales process.
If you’re buying a residence, it’s probably the most money you’ll spend in your lifetime. In a commercial real estate transaction, there is a due diligence period, which is similar to the inspection of a residential deal and often there is more money changing hands.
The survey in commercial real estate is very typically certified to both the buyer and the buyer’s lender. It is also often a much more extensive survey from the American Land Title Association (ALTA).
Commercial lenders often have much more complicated requirements of the buyer, and usually, we are not dealing with an individual buyer, but instead, an entity, like a limited liability company.
Q: Does “as is” really mean “as is” when it comes to an Ohio commercial real estate transaction?
It should. It is more likely on a commercial deal to really be ‘as is.’ As a seller, you don’t want to have representations related to the property. The buyer has to do their due diligence and check the provisions in the contract.
Many times, buyers in the commercial realm are aware and they understand that extensive due diligence is required in the process.
Very often in the process, the due diligence is called a “free look period.” We call them in for a look and after that free look period is over, waive the due diligence. You are then committed to buy this property.
Learn more about real estate in Columbus, Ohio.