Selling a commercial building, can I add a contingency to a count

Commercial Real Estate Investing
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Selling a commercial building, can I add a contingency to a count

Mary Sherwood
Member since 2019 · 4 posts · 2 votes

I have a commercial building I would like to sell. But I would not like it used for certain purposes. Can I limit what the new purchasers can use the building for?

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  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    6y

    If you sell it why do you want to still control it?

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  • Mary Sherwood
    OP
    Member since 2019 · 4 posts · 2 votes
    6y

    I have an interest in the community. Would like it to remain family friendly. I'm selling it because I closed the business it was housing and don't need it in my portfolio. 

    1Reply
  • Scott Mac
    Austin, TX · Member since 2019 · 5k+ posts · 5k+ votes
    6y

    Hi Mary,

    You may be able to use some form of a deed restriction (or you may not), but those are typically done to increase the value of the parcel.

    In this case you may be limiting the resale value by decreasing its appeal.

    Probably best to check with a local attorney.

    Good Luck!

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  • Mary Sherwood
    OP
    Member since 2019 · 4 posts · 2 votes
    6y

    Thank you

    1Reply
  • Greg Dickerson
    Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
    6y

    Yes you can restrict uses in the deed.

    0Reply
  • Mary Sherwood
    OP
    Member since 2019 · 4 posts · 2 votes
    6y

    Thank you! 

    0Reply
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