Protecting Your Interests In Real Estate Transactions
Read your preliminary real property title policy well in advance of closing on your real estate purchase. Contact the title company if it is slow in providing it so you will have the time to clear up any problems. Some of the problems might, for example, be old releases not recorded, easements or incorrect legal descriptions.
Americans With Disability Act
This law and other similar statutes affect the physical arrangement of your facilities and also how disabled persons are treated regarding employment. Although there are provisions in the law that allow deferral of many of the required building changes until new construction is done, there are still many requirements that must be complied with now. Parking, counter heights and access requirements are examples. This is an area where you should consider hiring a specialized consulting firm, which should at the very least conduct a survey of the facility for compliance issues.
The following are some of the miscellaneous items that should be addressed in a real estate purchase agreement:
- Seller disclosure of property conditions
- Checking for conditional use permits for the business or practice that operated at the facility
- Hazardous waste search (then progressing to a Phase I and II test if needed)
- Checking for any likely government taking of your street or yards
- Compliance with the Americans with Disabilities Act requirements
- Indemnity provisions
- Prevailing party legal fee recovery provisions
- Contingencies on key issues such as appraisal, loan approval, condition inspections, etc.
- Buyer’s thorough inspections
- And many others