The purchase of a commercial property by an individual (for investment purposes) or business (for either investment or business operation purposes) can be fraught with the potential for missing key information that can be very costly to the purchaser. Purchasers of commercial real estate are typically considered to be sophisticated parties, and whatever consumer protection laws may exist in a state for the protection of residential home purchasers seldom apply, if ever, to a commercial real estate purchaser. The old adage of “buyer beware” particularly applies to commercial real estate purchases and warrants careful application of due diligence procedures and checklists.
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