Question: It is a Real Estate question. However, I cannot find a law on the subject, so I posted it as an operation management tag. You
It is a Real Estate question. However, I cannot find a law on the subject, so I posted it as an operation management tag.
You are a paralegal helping to prepare for a closing of a purchase and sale of a small, unoccupied office building. The firms client is the purchaser. The seller and current owner of the office building is a limited liability company. The seller in the contract for sale discloses that the property is currently encumbered by a mortgage held by the Lonesome Bank and Trust Company. What information will you need from the parties to order all the reports and other due diligence items required for the closing? What reports, due diligence, insurance, and other verification or certifications will you need to obtain in order to protect the purchaser? Briefly outline and explain your answers.
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