The Wild World of Real Estate: Learning About Your Property Before You Take the Plunge

Adam and Jeff, who pride themselves on knowing almost everything about everything, turn to the wonderful world of commercial real estate and take their listeners on a gripping, scintillating trip through the due diligence process buyers use to investigate prospective acquisitions.  Adam points out that sometimes sellers exaggerate or even outright lie about the features and characteristics of their property but Jeff points out that mere puffery ("This is the best property on the block") is not a quantitative statement of fact.  Buyers of commercial real estate conduct physical inspections of the property to make sure that it has a floor, walls and a roof as well as plumbing and electricity.  Environmental companies are usually hired to see if there are any signs of contamination on the property itself or any nearby properties.  Adam and Jeff point out that you should never love a building so much that you skip the inspections because such a drastic move will almost invariably bite you in the rear end.  Jeff also points out that kind-hearted bankers willing to finance your purchase will make you promise to indemnify them forever for any environmental contamination on the property--and forever is a long time.