Commercial Real Estate Attorney in Florida
The purchase of commercial real estate, such as a retail store, shopping mall, or a commercial building for your business, will generally require a attorney to help you navigate. Unlike a residential real estate contract the contract between the parties is tailored to the specific deal. There may be inspection periods, notices of commencement, additional deposits, etc., that must all be thought of. Generally, there are a lot of outs for the prospective buyer. There may even be an environmental assessment as part of the purchase.
These are higher dollar purchases, and “getting it wrong” can have dire consequences. If you are buying or selling commercial property, understanding your rights in the real estate sale is key. There are many different considerations that a commercial real estate attorney must take in mind. Especially if there are tenants currently in the property.
Generally, a commercial real estate settle is going to start with a letter of intent. A letter of intent outlines the general parameters of the sale. It may include a down payment, inspection terms, closing instructions, etc. This will set the basics to what your contract will require. After that, the letter of intent is reduced to a contract. Both sides should get the final approval of the contract prior to signing it.
Disclosures, Disclosures, Disclosures
Unlike residential real estate, where the seller has a duty to disclose, due diligence is key on a commercial deal. The seller is required to disclose things fully; however, caveat emptor (buyer beware) is the standard in a commercial sale. This is because the persons or entities buying a commercial property are seen to be “sophisticated” and protect themselves in the transaction.
If you are buying or selling commercial real estate – make sure you are protected. Have an attorney review the letter of intent and the contract. Make sure you review the title reports and surveys with an attorney.The key is to hire an attorney that understands how to minimize the risk of litigation. Having an attorney during all parts of the commercial property sale may also give you an advantage in the event a court case is filed.