Purchasing or Selling Commercial Real Estate
I represent clients who are purchasing or selling commercial real estate. The types of project I have experience in include:
- multi-unit dwellings (income / rental properties)
- commercial office building
- motel / hotel
- commercial buildings for the operation of licensed daycare
- industrial commercial buildings
- large multi-tenant / multi-building commercial properties
Purchasing or selling a commercial property involves many important steps to ensure your investment and interests are properly protected. Some of these steps include:
- Purchase and Sale Agreement negotiation, drafting, review
- Due Diligence – This involves a series of searches and investigations to ensure you will understand what you are purchasing and that there are no hidden distasters which could affect title such as restrictions, encumbrances, charges, judgments, liens, rights of other neighbors over your land, whether the land is zoned for what you want to use it for, etc.
- Document Preparation – There are many documents required to transition title to a new owner. Depending on the situation there may also be the need to address tenants’ rent payments, various assignments or assumptions, corporate resolutions to authorize and ratify all of the steps of the transaction, and various others, depending on the situation
- Financing and Security – there are often various lenders involved and the inter-relation of lender or vendor security could result in a failure to fund the purchase. It is important that a lawyer is experienced in working with various types of loan financing and security and can flag issues early on that may come up on closing when loan funds are supposed to be disbursed
- Closing – There are certain protocols that should be followed in order to ensure smooth, and rick free closing. This includes the way lenders are notified, the way in which funds are received and sent to the other side, exchange and review of documents, escrow conditions and how to handle the inevitable surprise issues that often arise on closing day.
If you are interested in purchasing or selling a commercial property feel free to call or email me to discuss what’s involved. I would be happy to assist you.