The first step is to set your financial parameters and decide your ideal location. Next, find a real estate agent to help navigate finding properties, looking within your budget, and finding the accommodations you desire most closely. When buying commercial property, it is crucial to hire an attorney specializing in commercial real estate transactions to thoroughly assess zoning laws and land ordinances. This step is crucial as it ensures a comprehensive understanding of permissible activities on the property in accordance with zoning regulations. Changes in zoning laws during ownership can significantly impact property value and pose risks to the continuity of your business operations. Therefore, legal guidance in navigating these complexities is essential to safeguard your investment and mitigate potential liabilities.

Once you view and decide on the commercial property you want, you will discuss the budget and the housing market with your real estate agent to make an appropriate offer on the property. With this comes a purchase agreement, which lays out the terms and conditions of the contract to purchase. Given the complexity and legal implications involved, it's strongly advised to enlist the expertise of a qualified attorney to draft or review the purchase agreement. An attorney specializing in real estate transactions can ensure that the agreement accurately reflects the intentions of both parties and provides necessary protections for all involved parties. Several key elements to ensure a comprehensive and enforceable agreement include:

• Contingencies: The agreement should outline any contingencies that allow either party to back out of the sale under specific circumstances, such as failed inspections or inability to secure financing.
• Inspections: Specify which inspections are necessary and who will be responsible for conducting them. This ensures that both parties understand the condition of the property and any potential issues that may arise.
• Property Condition: Include provisions detailing the current condition of the property, any known defects, and how they will be addressed before closing.
• Transfer of Possession and Closing: Clearly define the date and cost of closing, as well as the transfer of possession from the seller to the buyer. This helps avoid misunderstandings and ensures a smooth transition of ownership.
• Governing Law: Specify the jurisdiction and the specific laws that govern the purchase agreement to ensure clarity in case of disputes.
• Signatures: All parties involved should sign the agreement to signify their acceptance of the terms and conditions laid out therein.
• Property Tax Adjustments: Address how property taxes will be adjusted between the buyer and seller, especially if the transaction occurs mid-year. This ensures that both parties contribute fairly to property tax obligations.

As a homebuyer, it is advisable to seek legal guidance to reduce the risk of misunderstandings, disputes, and potential legal issues throughout the transaction process while also ensuring that the agreement complies with relevant laws and regulations. It is important to note the effect of the Fair Housing Law which prohibits discrimination in relation to a sale or rental based on any demographics like age, race, gender, socioeconomic status, disability, etc. If you want to learn more about the Fair Housing Law, visit this link: https://www.michigan.gov/mshda/fairhousing.



Once the purchase agreement is drafted, negotiations with the seller typically ensue to refine the offer conditions until mutual agreement is reached, culminating in a legally binding contract. Post-agreement, a series of essential steps pertaining to the property and legalities unfold. Firstly, a brief window is typically allotted in the purchase agreement for a property inspection to assess the property's compliance with codes and living standards. Subsequently, securing a mortgage involves submitting approved documentation to the lender, a process facilitated by your real estate agent in conjunction with legal counsel. To safeguard your ownership rights, seek legal counsel to be referred to a title company. It is imperative to obtain title insurance to shield against potential ownership disputes or encumbrances. Closing procedures commence with settling any outstanding closing costs accrued during the purchasing process. Subsequently, a meeting convened with the seller, your real estate agent, and legal representation ensures all requisite legal documentation is diligently signed and executed. Finally, the last step is the transfer of ownership, along with updating utility accounts under your name to reflect the change in ownership. Throughout these multifaceted proceedings, the guidance of a real estate attorney is invaluable, ensuring compliance with pertinent regulations, protecting your legal interests, and navigating any potential pitfalls that may arise during the transactional journey.