What can I do to protect my rights in a commercial real estate transaction?

When engaging in a commercial real estate transaction in Delaware, it’s important to understand and protect your legal rights. There are several steps you can take to ensure your rights are safeguarded throughout the transaction. First, you should make sure you have a clear agreement with the other party selling or leasing the property. This document should include all the details of the transaction, such as the purchase or rent price, the length of the lease, the condition of the premises, and who is responsible for taxes and repairs. Second, you should do your research on the property. Research the zoning laws, property taxes, building restrictions, and deed restrictions. Make sure you understand any conditions governing the property prior to purchase or lease. Third, it is critical to have a real estate lawyer review all documents prior to signing. A qualified attorney can help ensure your rights are protected so you are not liable for any issues that may arise in the future. Finally, it is important to document all financial transactions. Ensure that all monies exchanged, deposits, and payments are recorded and documented in writing. By taking these steps, you can protect your rights in a commercial real estate transaction in Delaware. Consult with a real estate attorney for additional guidance and information.

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