With today’s post we begin a new series on important points to watch in commercial real estate purchase and sale agreements. Admittedly, “top ten” countdowns are a little arbitrary, but when our clients send us contracts to review for their interest, whether as buyers or seller, the subjects on this list are always at the forefront. We’ll devote an article to each subject, in no particular rank of importance.
Here’s our “Top Ten”:
Who are the parties?
When do we close?
What’s the property and how good is its title?
What’s the purchase price and how is it paid?
What are the transaction expenses and who’s paying them?
What kind of disclosures or warranties am I making (or receiving) about the property and what happens If they’re false?
What happens if I can’t close the deal and break the contract?
How do I assess and limit the risks of owning the property?
How much work on the property needs to be performed before (or after) closing?
How do I obtain useful and reliable information about tenants or other parties on the Property?
Read more...The Top Ten Points to Watch for in Commercial Real Estate Contracts | Trenam Kemker - JDSupra
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