There are many steps involved in a commercial property sales transaction. Below are the strategic actions to be taken by you and your Real Estate Lawyer:
Steps Involved in Selling Commercial Real Estate Properties
Get the Documents Ready
The documents to be prepared for the sale transaction include the property transfer papers, the bill of sale, tenancy agreements, lease assignment if any and any assignment of service contracts. Once all these are ready, the final document to be reviewed is the completed agreement of sale and purchase.
There are many legal matters included in the sale transaction of commercial real estate. It is recommended to take the support of a trusted Commercial Real Estate Lawyer to make sure you have the statement of adjustments, review the applicability of HST on sale and analyze personal property security agreements.
In the circumstance when mortgages are taken back to be reviewed, and purchaser’s requisitions are analyzed, this is known as perfecting the security interest! Doing these actions ensures that the client remains protected in case of any loans and mortgages.
Closing of the Sale Transaction
Commercial Real Estate Lawyer also takes the last step by attending the closing and taking care of all the final sale matters. You are also advised by the lawyer in all legal matters regarding the agreement.
Commercial Real Estate practice encompasses salient features of Real Estate Law, starting from joint ventures to routine commercial purchase or even land development projects.
A good Commercial Real Estate Law Firm would take the time to work closely with the realtors, accountants and property management firms and other practitioners to make sure that your interests are safeguarded.
You may be thinking of purchasing an existing business with its property or redeveloping an existing business which owns the property. The Law firm will also help you navigate through all the processes of the commercial property sale including offer, formulating the contract, title search, financing and insurance.
Whether you would like to do sale or purchase of commercial property, it is essential to do the transaction as soon as possible and to protect your interests during the entire process.