If you are searching for a location to establish your business, you may be looking to buy or lease a commercial property. Conversely, you may be selling a commercial property. Either way, you will likely need a detailed commercial purchase agreement to govern the transfer of the property, which a real estate attorney could help with.
A Sacramento commercial purchase agreement lawyer could help you draft an agreement that protects you and your commercial interests when buying or selling commercial property.
A commercial purchase agreement sets out the terms of a commercial real estate deal, from setting a closing date to enumerating tasks each party must complete to finalize the sale. The agreement will also indicate the type of business that will take place in the commercial space.
A commercial purchase agreement may contain a seller’s assurances that the property is properly zoned for a particular business or that the local zoning authority is willing to approve a variance. If you anticipate running a business that requires a specific zoning designation, the purchase agreement should reflect that need, including any necessary cooperation to obtain the proper permitting and certification.
A commercial purchase agreement can also account for commercial tenants who may be leasing some or all of the premises. The agreement should explicitly state whether the tenants may remain and be bound to their leases after the transaction. It may also require a separate assignment of leases to be delivered at the closing alongside the purchase price (and any adjustments).
Beyond transferring title to the property, the purchase agreement will also define a transfer of liability that assigns responsibility for taxes and other claims for the periods before and after closing. The seller typically desires not to be responsible for new issues that come up after the deal is done, but you may want to make sure that a seller has some liability for pre-existing conditions that might not be discovered until later.
Negotiating each of these areas and coordinating the execution of the purchase is where a lawyer may provide crucial assistance. An attorney could review a commercial purchase agreement for a Sacramento property and ensure that the parties express their preferences accordingly.
At a base level, an attorney could explain your purchase agreement to you and ensure your comprehension of its terms. Even if you are familiar with other business transactions, you may not understand the dense legal language of a formal agreement governing a real estate transaction.
In addition to the terms of the agreement itself, purchasing commercial real estate may involve a title insurance company that goes through historical land records to clarify the seller’s title to the property. A purchase agreement and a closing may be contingent on a title company issuing a commitment to insure the transaction, and an attorney may coordinate with the title company to gather the necessary documentation and adjust the purchase price as needed based on the title report.
A Sacramento real estate lawyer could guide you, the seller, and your real estate agents toward a consensus to make a commercial purchase agreement satisfactory to all involved. They could balance the representations of all involved parties, protect against extraordinary liability after the transfer of title, and secure the commercial space’s ability to continue being useful for you as the new owner.
Buying a commercial property can represent a growth in your business and may also be a significant expense. A Sacramento commercial purchase agreement lawyer could make sure the transaction goes smoothly. If you need an attorney to review or draft an agreement, schedule a consultation with Business & Real Estate Law Firm PC today.
Business & Real Estate Law Firm PC.
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Business & Real Estate Law Firm PC
1104 Corporate Way,
(916) 205-0320
