Things to Know Before Buying a Commercial Property in the UAE
- May 18, 2021
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Commercial property buyers in general, are capable of and knowledgeable about performing substantial due diligence. For that reason, they are considered sophisticated investors. Lawyers in Jeddah are well aware of this fact and can assist you legally once you decide to invest in a commercial property.
Important Aspects of Buying a Commercial Property
Below are some important things to know before buying a commercial property in the UAE.
· Due Diligence
The courts presume that commercial property buyers compile whatever information they deem relevant to the transaction. The courts also presume that those buyers have had a full and fair opportunity to do so. In addition to traditional physical inspections, commercial due diligence should include documentation of the transaction.
Preserving communications with the seller and third parties can both alleviate confusion in the transaction. And it can reduce discovery in subsequent litigation. Absent proper written documentation of those statements, it may be difficult to establish them or meet the burdens required to win the case.
· Disputes Common to Commercial Real Estate Deals
The post-closing lawsuits normally focus on the failure of a seller to disclose material and unobservable defects that the seller knew about. In commercial deals, litigation can address a broader range of representations upon which the buyer relied as well as performance failures in the transaction. These performance failures may include contractual obligations, title issues, and waiver provisions in the contract.
· Other Factors
Other concerns that arise in non-residential transactions are environmental impacts, property taxes, community impact fees, and development planning. These issues require the assistance and skills of qualified professionals like lawyers in Jeddah. Many such experts offer these services for commercial land deals.
Thus, if you are interested in buying commercial property in the UAE, you should keep these aspects in mind. Moreover, you can head to lawyers in Jeddah for legal assistance. They are available in Ajman, Fujairah, and Dubai, too.