Are property disclosures required on commercial properties

In Selling Property - Asked by Ann Kelly & J. - Apr 21, 2010
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Answer(s)

Brandi L.
Oak Brook, IL

Disclosure in a commercial transaction differs from residential where standard forms are utilized. In general, the commercial buyer must conduct their own due diligence to gain a level of comfort with the condition of the property. The seller may provide asistance in this regard via any relevant documents. Although there is no standard disclosure form to provide to the buyer, the seller and broker still have a duty to disclose any latent defects of which they are aware effecting the property.
Jim Blanchard-Inland Real Estate
jblanchard@inlandgroup.com

Apr 22, 2010
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DeVaughn C.
Broker/Agent
Memphis, TN

In Tennessee, property disclosures are not required for commercial properties for sale. However, commercial purchase and sale agreement exhibits are customarily provided for Due Diligence Documents, Additions to Seller’s Closing Documents, and Seller’s Warranties and Representations. Property disclosures are required in Tennessee for vacant lots and land for sale, and for commercial real property of 1,500 square feet or less and industrial property 5,000 square feet or less for lease.

Apr 26, 2010
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