Commercial Property or A Business - Posted by Jim Kennedy
Posted by Jim Kennedy on May 02, 1999 at 15:18:01:
I am not a lawyer and would not presume to address the specifics of the legal requirements in your state. That being said, I have one question.
Are you thinking about buying a piece of commercial property or an active and ongoing business?
They are different and therefore I have used different forms when purchasing each. And these forms are significantly different from the form used to purchase single family residences. In fact, in the two states in which I have purchased real property, there are different forms used when purchasing single family homes (1 to 4 units), condominiums, multi-family (more than 4 units), vacant land, farm property, commercial property and businesses. Each form deals with specific issues relating to the appropriate type of property.
As has been posted previously on this website, you can write a valid contract on the back of a paper napkin. However, a prudent individual would use the best form available under the circumstances.