When a Missouri buyer is interested in purchasing real estate, due diligence must generally be done first. Buyers are typically interested checking out the structural integrity of a property, whether or not it is zoned properly or if there are environmental issues to worry about. While sellers understand that buyers want to do their homework before a deal closes, there may be some tension as to how long to provide for such research.
In some cases, a buyer and seller may agree on a set period of time in which due diligence can be completed. It is also possible that a buyer and seller agree on different amounts of time based on what is being studied. For instance, buyers may be given less time to look into title issues as opposed to looking into zoning issues.
Buyers may expedite the process of due diligence by starting their research into a property before making an offer on it. This may also make it easier to find financing prior to making an offer as many sellers won’t allow contingencies related to doing so. If there are issues with a property that are discovered during the due diligence process, buyers and sellers may be able to renegotiate the deal to alleviate a buyer’s concerns.
An attorney may be helpful for those who are interested in buying a commercial property. Legal counsel may help with the title search process or look into how a property is zoned. If there are issues related to the purchase contract, an attorney may be able to help work out a solution to those issues in a manner favorable to the buyer.
