No two commercial real estate transactions are alike. The transactions are generally complex and large sums of money are usually at stake. For purchase and sale deals the contract forms used can vary widely. Furthermore, there are local customs that vary from state to state and even county to county that dictate which closing costs are paid by the purchaser and which costs are paid by the seller.
As a commercial real estate brokerage firm our team is heavily involved on the front end of deals in helping the buyer and seller come to agreement on the business terms of the transaction. Once the deal points are agreed to, however, we usually recommend both sides seek the advice of a real estate attorney. The attorney is generally available for preparing the purchase and sale contract as well as providing a title insurance commitment. Reviewing title is critical to make sure the subject property not only has clean and marketable title but that there are no adverse easements on conditions on the property.
Once the buyer has performed their due diligence and the deal is ready to close a real estate attorney will help prepare the closing documents, loan closing package and closing statement.
Choosing an experienced commercial real estate attorney is critical to ensuring a smooth closing. They assist in minimizing the risks associated with mistakes that we see far too often when clients try to close complex transactions without proper counsel.