What is the typical length of the inspection period in a commercial purchase?

In commercial real estate transactions, the inspection period is crucial for buyers to assess the property before finalizing the purchase. Typically, the length of the inspection period can vary based on the agreement between the buyer and seller; however, a common standard is a 10-day free-look period. This timeframe allows the buyer to perform due diligence, which may include property inspections, environmental assessments, and reviewing financial documents related to the property.

While other durations mentioned in the options are possible under different circumstances, the 10-day period is recognized as a typical and practical timeframe that gives buyers sufficient time to evaluate the property without feeling rushed. Longer inspection periods might be negotiated, but they are less common in standard transactions. The fluid nature of real estate agreements means that buyers and sellers can tailor the length of the inspection period to suit the specifics of their transaction, but 10 days is a well-established benchmark in many cases.