A commercial real estate transaction involves both financial and legal considerations which can often be overwhelming for the parties involved. Not being properly prepared for such a transaction could cost you big. That is why you need an experienced real estate attorney on your side. An experienced commercial real estate attorney understands the legalities and documents involved in a commercial real estate closing. Your attorney can help you understand the process and make sure that you are properly protected.
Are you considering buying or selling a property in North Carolina? Enlist the expert help of a Real Estate Attorney in Monroe, NC.
The Sales Contract
One of the first steps in a commercial real estate transaction is negotiating the deal. Once the parties are in agreement as to the terms of the transaction, the parties should enter a written sales contract memorializing the agreement. A verbal agreement to buy or sell real property is not enforceable. An experienced real estate attorney can help negotiate the terms and draft a sales contract that protects you.
A flawed or incomplete sales contract can have disastrous repercussions down the line.
No one should purchase commercial property without first ensuring that the seller has a good and marketable title to convey. Long before the actual closing, a commercial real estate attorney will:
- Perform a title search
- Ensure that the buyer is receiving a good title
- Ensure that any issues with the title that do arise are addressed prior to closing
If you are considering purchasing commercial real estate, you should negotiate for a due diligence period in your contract. A due diligence period will give you time to investigate the property and make sure the property is suitable for your purpose.
Often, the due diligence period in a sales contract for a commercial property is much longer than it would be for residential property. That is typical because a commercial real estate transaction may involve working within local planning and zoning boards to ensure that the buyer can use the real property for a commercial endeavor.
If you are the buyer, you are likely working with a lender. Most lenders will have multiple requirements you must meet for the transaction to be approved before closing. Keep a list of all the obligations set by the lender and their respective deadlines. Quite often the lender will require a survey, various governmental approvals, and an initial environmental audit. A glitch with the lender could jeopardize the entire transaction.
On the other hand, if you are the seller, work with your agent to ensure the buyer is complying with lender requirements. A failure on their part could also compromise closing.
Consult a Real Estate Attorney in Monroe
A commercial real estate transaction can often be a long and complicated process. A knowledgeable Real Estate Attorney in Monroe, NC, can help you navigate the process to ensure that nothing is overlooked or done improperly. Perry, Bundy, Plyler & Long, LLP has been handling commercial real estate matters in North Carolina since 1980. We offer legal advice and representation to people buying, selling, renting, or leasing property in the area.
Contact us today at (704) 469-5523 to schedule a consultation.