maccers_85
Registered User
- Messages
- 22
he mentioned you are buying as is.
Is that not a red flag to you? Thankfully, you've only gone sale agreed. Don't sign any contract until you get prope, professional advice.
Not much point in making a lower offer if you have big issues with the building.
The lack of a fire cert should be a big warning to you... substantial works to the building in order to get a fire cert would negate any hope of earning anything out of the building.
Don't sign anything ... more investigation needed ... with professional advice.
I have examined all leases and they are running for 2-3 years and the issue with the fire cert is that there is one for a shell. But the shell has been converted into 10 rooms. It hasn't been updated. He bought the property off nama and it didn't come with an updated fire cert. The sale price agreed is below the market value. I have been operating in the building for 3 years and know it well. Just the uncertainty of the updated fire cert and unknown of the future puts it into a little doubt.Kinda hoping this isn’t a serious post. In case it is.... why would anyone inexperienced agree to purchase a commercial property without proper advice?!
The property itself would need a full structural survey, you will need to examine all leases of the current tenants and you need a lot more info on the fire safety certificate.
After that you need someone familiar to commercial property to assist in valuing same. Then you need to take covid into account.
Simple answer is YES you should probably revise your offer only after making sure all the points above have been covered!
Does the value decrease if Tennant's pull out?
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