WHO’s WHO in Commercial & Residential Real Estate Law – Judy L. Simoncic

Q: If someone is considering to buy, lease, sell Commercial/Residential property by year-end, what would you say is one step they should take before they lock in any deal?

A: Purchasing a property carries with it more risks than selling a property. One of the most important steps prior to entering a deal to purchase or lease property is to perform proper due diligence. All too often clients come to me after they have closed on a property only to find out that their proposed use is not permitted under the local zoning code or, even worse, that it is prohibited by a private restrictive covenant, leaving the client with a piece of property which they are unable to use as intended. Due diligence should include, at a minimum, a zoning analysis, a full title search, and a Phase I Environmental Assessment of the property. Conducting due diligence carries with it some expense. However, this is money well spent before committing to a deal.

Click here to read the full-text. Reprinted with permission from Long Island Business News.