Faced with myriad legal issues, you need an attorney who knows the landscape.
PURCHASE & SALE AGREEMENTS
Signing a purchase and sale agreement for commercial property is far more complicated than signing one for a single-family or even a multiple family home. There are a number of considerations both legal and practical that must be addressed with purchase and sale agreements.
COMMERCIAL REAL ESTATE CLAUSES
In addition to standard financing clauses, commercial properties often need to have other issues addressed. Some of these include:
Current tenant issues
Land use issues
It is important to keep in mind that along with standard inspections such as heating and plumbing, other inspections may be required when purchasing commercial property. In particular, environmental inspections could have a significant impact on an investor’s ability to buy or sell a property.
FINANCING MAY BE A BIGGER ISSUE
Unlike going to your local bank to obtain financing for a residential property, obtaining financing for commercial property is a far more involved process. This is particularly true for properties such as malls, warehouses, office buildings or gas stations. Typically, lenders could take as long as 90 to 120 days before they will even provide a purchaser with an indication of their intent to go forward.
Even after an investor indicates his willingness to go forward and consider financing, there are often a number of other issues that must be worked out. In many cases, these issues must be addressed in the purchase and sale agreement and may require significant negotiation between buyer and seller.
WE WORK WITH INVESTORS OF ALL SIZES
Whether you are considering investing in commercial property for the first time, or you are a seasoned investor, it is always helpful to have an advocate on your side. At Solomon Richman P.C., we take pride in the fact that we are able to work with investors of all sizes and ensure their commercial real estate deals are executed as smoothly as possible.
WE WORK WITH SELLERS
For those who are considering selling commercial property, we offer assistance in drafting purchase and sale agreements that offer a win-win solution for everyone involved. We understand that when you have made a decision to sell a property, you are willing to negotiate with buyers to a certain degree. However, we also know that you need someone who understands the commercial real estate market and the potential pitfalls of selling a property. Solomon Richman P.C. has had extensive experience in drafting purchase and sale agreements and assisting buyers and sellers in negotiations to ensure the final agreement satisfies both their needs.
Whether you are buying or selling commercial real estate, consider contacting Solomon Richman P.C. at (516) 437-6443 and speak with one of our commercial purchase and sale agreement attorneys to assist you with your transaction. We can help ensure that all the necessary legal requirements are met in the final agreement, as well as review existing agreements that may be available. We can also provide helpful mediation services to ensure both buyers and sellers can reach an agreement that works for both of them.