Commercial Real Estate Contract Attorney

A commercial real estate contract attorney is a legal professional who can review, negotiate, and draft contracts related to buying and selling commercial property. They can also assist with due diligence, which involves reviewing various documents such as leases, surveys, zoning regulations, and environmental reports. They will help you understand your rights as a buyer or seller and ensure that the contract terms are fair to both parties.

A good commercial real estate contract lawyer will start by understanding your specific needs and goals for a commercial property purchase or sale. They will then take into account the specific terms of your offer, any counteroffers, and any other relevant details of the transaction. This will help them draft a more effective contract that meets your needs while still adhering to the state’s laws.

Generally, the contract will include essential information such as the names and contact information of all parties, the legal description of the property, and any other identifying features that are unique to it. It will also specify the agreed-upon purchase price. Additionally, the contract should outline termination and default provisions in the event that either party breaches its obligations under the agreement. These provisions may be short, but they should clearly describe what will happen if either party does not meet its obligation. They might also set forth a timeframe within which the non-defaulting party must cure the breach. The provisions might also set out liquidated damages in the event of a breach.

In some cases, a commercial property purchase or sale will be contingent upon obtaining certain financing or meeting other conditions. A commercial real estate contract attorney can help you determine if these contingencies are necessary or not, and if they are, they can help you draft the appropriate clauses. For example, a mortgage contingency may stipulate that if you cannot obtain financing for the purchase within a specified period of time, you have the right to cancel the deal.

Another important clause in a commercial real estate contract is the escrow agreement. This outlines the steps of closing the deal, including how much money will be paid in escrow and when it is expected to be disbursed to the seller or buyer. A reputable commercial real estate contract attorney can help you create an escrow agreement that will protect your financial interests. They can also discuss issues related to the escrow deposit and whether it is refundable, such as if you fail to meet certain financing or zoning requirements.

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