During the pandemic period, much of the commercial real estate market dropped through the floor. We’re still seeing the effects, with empty storefronts and disputes over leases.
Things are heating up. Supply and demand being what they are, this could be a great time to buy in a market that is bound to recover.
If you’re considering a major purchase, be aware that buying real estate can be a complex process. It needs to be handled with care and attention to detail. Without advice from an experienced real estate attorney, you may not have all your rights and interests protected.
You should not rely on a purchase and sale agreement drafted by the seller. To protect yourself, have your own attorney negotiate, draft or review the document.
Understanding your rights and obligations
Basically, a real estate transaction is based on a contract. That is to say, there are rights and obligations that need to be expressed in writing to be valid. Purchase and sale agreements can cover a lot of issues, such as:
- The legal description of the property you want to buy
- A list of any liens or encumbrances on the property
- Details about your right to inspect the property
- A closing date
That seems straightforward, but the devil can be in the details. Are their terms in the purchase and sale agreement that are ambiguous or unfavorable? Could there be unforeseen consequences to the way the agreement is drafted? What is customary? Do you have the right to deviate from custom?
Ideally, you would get your attorney involved early in the process. That is so that you can have your own attorney do the major negotiation and drafting of the purchase and sale agreement. It’s best to start with your own proposal instead of pushing back against one that is presented to you.
The Metroplex is hopping these days. There are a lot of opportunities at the moment. Get the legal advice you need to be confident in your purchase.