A binding agreement is legally enforceable. You need to fulfill your bargain, if you fail to do so, then the other party may take you to court because of the violation you have done. The contract obeyed the state’s laws and so you have to be in it and do what is being said in the contract.
Whilst, Non-binding agreement is a contract that two parties put down a preliminary discussion, for example, a letter of intent (LOI) to make sure that both of you are on the same page, however, both have no assurance to agree with anything else.
Try to visit AQQIRE for a commercial real estate agent that could help you with this. Consider also having a lawyer to the contract. Several people have said that involving these people slows down the process of the purchase but they do have a common goal: to secure the purchase, keeping many problems from arising in the future.
Not ensuring the property’s condition, location and other things to consider or to check is risky. It’s like buying an online product without looking if it has defectivity and later on regretting buying it. Also, it is vital to have a professional advisor or a commercial real estate agent because it’s not just a small residential property but rather a commercial property.
