We When creating a purchase contract, other documents such as a seller's disclosure or lead paint disclosure, promissory note, power of attorney, etc., may also be required. The contract could also be “bilateral,” having each event ensure the contractual provisions, or “unilateral,” in actuality a choice, having one party providing assurance, with a binding contract coming into existence if and when the opposite party elects to gain assurance at a later date.
Often, a commercial real estate transaction will commence with a Letter of Intent. A Letter of Intent typically contains the key aspects of the agreement, and is sometimes described as an “agreement to agree.” The legal effect of a Letter of Intent depends on the terms set forth in the letter and the degree to which one party may have reasonably relied upon the letter.
Whether or not a Letter of Intent is issued, a full contract will ultimately be required, and must satisfy the Statute of Frauds. Often, these contracts are so detailed as to include various conditions precedent to closing, closing procedures and other details unrelated to the property itself.
While termination of the contract is an extreme outcome, failure to clearly address a key issue may lead to costly litigation, delayed closing and other frustrating and expensive effects. When each party works with an experienced commercial real estate lawyer, negotiations will be better balanced, the likelihood of overlooking an element or failing to achieve a true meeting of the minds will be greatly reduced, and the transaction is likely to proceed with greater ease and certainty.
The attorneys in our firm have extensive experience with commercial real estate, including the negotiation and drafting of Commercial Real Estate Purchase and Sale agreements. When you are taking a step as significant as purchasing commercial real estate for your business, get the help you need to ensure that your interests are fully protected and you have a clear understanding of the details of your commitment .
Our document preparation application* allows lenders, title companies, attorneys and individuals to record their documents digitally. Customizable templates ensure full compliance with each county recording office, which significantly reduces document rejections. The process is simple: you just fill in the blanks of a template, then the document is digitally signed and notarized and submitted electronically—no paper, no couriers. In seconds, the document is at the county recording office, ready for processing.
Our Product made with customers, vendors, partners, or employees. It refers to the management of all actions after the award of a contract. This is to assure that terms of a contract are complied with. For example, timely delivery, acceptance, payment, and closing contract.
