The purchase or sale of Commercial Real Estate can be very different from Residential Real Estate. Residential Real Estate transactions are regulated, forms are standardized, and there are common procedures and practices. Commercial Real Estate is much less standardized. You need an experienced attorney to guide you through that process.
While Realtors may assemble the terms of sale, the contracts themselves are often prepared and negotiated by the attorneys. It’s not uncommon for our office and the opposing attorney to circulate three or four draft agreements before we reach an agreement acceptable to both parties. You need an attorney that understands the risks, anticipates the problems, to draft an agreement that addresses these issues.
In Commercial Real Estate the attorneys are much more involved in resolution of contingencies, the review inspection reports, and review of applicable governmental regulations. State and Federal regulations regarding Hazardous Materials place strict liability on property owners. It’s important to be aware of Environmental Issues and understand the Environmental Inspection Report prior to closing. Governmental regulations, including ADA compliance, are also important matters to review prior to closing.
The attorneys are also much more involved in the closing process for any commercial mortgages. The commercial lenders will generate a “check list” of items that must be completed prior to closing. We’ve seen check lists that contain more than 50 items. The attorneys for the parties work through these issues prior to closing. Again, you need an experienced attorney who knows how to address and resolve the items required by the mortgage lender.
We’ve closed Commercial Real Estate transactions for Office Buildings, Shopping Centers, Apartment Complexes, Manufacturing Facilities, Warehouses, Vacant Land and even a Hockey Arena. We closed one transaction that involved the purchase of 89 separate parcels of real estate. Our extensive experience allows us to guide you through your transaction, and navigate any complications that may arise.
Our goal is to educate you, so that you can make informed decisions. We’ll communicate throughout the transaction, answer your calls and emails, and do our best to address your concerns.