Selling commercial property involves more than finding a buyer. In Mississippi, you need to know specific legal steps to ensure a smooth process.
Understanding property zoning laws
Zoning laws are crucial when you sell property because they dictate how you can use the property. Make sure the property’s use aligns with zoning requirements. If it doesn’t, you might need to apply for a zoning change, which can take time.
Title and ownership issues
Check the property’s title before selling to ensure there are no liens or legal claims that could disrupt the sale. Also, verify that all property records are accurate and that any previous ownership disputes have been resolved.
Disclosure requirements
State law requires you to disclose the property’s condition and any issues like defects or environmental hazards. Being upfront about these issues can help you avoid legal problems later.
Contractual obligations
When selling commercial property, the sales contract is a key document that details every aspect of the deal. It should clearly state the sale price, payment terms, and the exact closing date when the buyer takes ownership. Also, include a full description of the property, any conditions that need to happen before the sale, and specific guarantees about the property’s condition and legal status.
Make sure to outline how any disputes about the contract will be handled, whether through mediation or court. Since local laws require you to make certain disclosures about the property’s condition, it’s important to ensure that your contract adheres to these laws to avoid any legal issues later.
By understanding the steps necessary to sell commercial property, you can protect your interests and facilitate a successful sale.
