While the buying and selling of land is always a significant event, that is especially true for commercial real estate transactions. These can include large plots of land and sizable buildings which are typically expensive and have strict limits on how they are used. Because of the tremendous investment that comes with buying commercial real estate, having the right legal team by your side could save you from costly pitfalls.
Bradshaw Legal is focused on providing legal support to all parties involved in commercial real estate transactions. Whether you are buying or selling, we can protect your rights and ensure you are treated fairly.
Key Phases of a Commercial Real Estate Transaction
Commercial real estate transactions involve multiple steps, and our firm can guide you through each of them. These steps include:
Letter of Intent (LOI)
The transaction often begins with a Letter of Intent, a non-binding document that outlines the basic terms of the agreement. These terms include the proposed purchase price, closing timeline, and all other components of the deal that were negotiated between the parties. While not legally enforceable, the LOI sets expectations and serves as a roadmap for drafting the formal purchase agreement.
Due Diligence
Due diligence is the step where the buyer investigates the property’s condition to ensure it not only meets their needs, but also that the property is as-advertised. This phase includes tasks such as reviewing the title report or assessing environmental risks long before anything is agreed to.
Purchase and Sale Agreement
Once due diligence is largely completed, the parties finalize the Purchase and Sale Agreement. This legally binding contract outlines the terms of the transaction, including representations and warranties, indemnity clauses, financing contingencies, and remedies for breach. It is the most important legal document in the transaction and must be carefully reviewed and negotiated.
Escrow
If financing is involved, this phase includes securing a loan commitment, meeting lender conditions, and coordinating with escrow officers. Funds are deposited into escrow, and all closing documents are prepared and reviewed by relevant parties.
Closing
At closing, ownership is officially transferred. Funds are disbursed, documents are recorded with the county, and the buyer takes legal possession of the property.
How a Commercial Real Estate Attorney Can Help
As your attorney, our role in any commercial real estate transaction can change the outcome. We set out to advocate for your interests during every phase, starting with reviewing the document before you ever sign.
Our work starts by reviewing the agreement to ensure the terms are favorable and the agreement is legally valid. We can also work directly with the other necessary parties on your behalf, like your lender or escrow agent.
Ultimately, our efforts can help prevent costly errors or delays that can damage your business. Whether you’re buying, selling, or leasing commercial property, our goal is to ensure your transaction is structured in a way that protects your rights and aligns with your long-term goals.
Talk to Bradshaw Legal Today
Before you attempt to negotiate the sale of commercial property, let Bradshaw Legal serve as your guide. The right attorney can simplify this process and ensure your rights are protected along the way. Contact us for a confidential consultation today to learn more.