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There are a number of legal complications that can arise for the buyer of a property after the ‘sales process’ has been carried out, that is, after the building has been sold. If you are contemplating buying a property, if must check out some of the legal clauses that will set you free from any of the legal or financial troubles after you have bought the property. Here is a list of them:
You are reading: What Legal Compliances To Check Before Buying Commercial Property
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1 Release of Lien: If you are buying a property that has just been constructed, then you must check if the property has been ‘Released of Lien’. This is an important legal requirement in construction world as suppliers of raw material and contractors give waivers to the owners from any lien on the property after all the payments to them have been made. This is called Release of Lien. Having this agreement in place means that all the payments and charges to the contractors and suppliers have been settled. This lets the owner exercise complete control on the property.
2 Code Compliance: The property that you are thinking of investing in must comply with all the codes and regulations of the area where it is situated. There are various laws relating to usage of the building, apart from construction. All parts of the property must comply to the municipal and zonal laws. These laws keep changing and evolving from time to time so it is must to get the updated list of laws that will be applicable to the property you are contemplating to buy. A visit to the local municipal office and getting everything in written from there will be prudent. Local authorities are getting more aware and concerned about the environment and increasingly enacting laws to protect the same. These laws are fast changing within one municipality over time and also vary from one municipality to another. Doing a thorough research and getting the latest on such laws is highly advised.
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3 Hold Harmless Agreement: This is a very important clause. If you are buying a property then you must insist that the seller includes ‘Hold Harmless’ clause in the sales deed which will set you free from any of the financial or legal complications that may have arise due to issues that existed in the construction stage of the property. If there was any violation of the law during construction, then there can be serious financial or legal implications for you. There is no easy way of knowing whether there were violations or not. So it is best for you get this clause in the sales deed for yourself.
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Category: Lifestyle
