If you are figuring out the easiest way of forming commercial real estate contracts, there are some key forms and rules you will want to abide by. You may have searched for “estate lawyers near me” just to get some assistance in the matter, but reading the information below can help you draft the necessary contracts. And if you do run into any snags, trust the Miami law offices of Arturo R. Alfonso P.A. to assist you through the process for a smooth transition for all parties involved.
Buyers and sellers need to decide early on in the document process on what forms to use. If you are avoiding using an attorney to draft the contract for you, or want a standardized form to save time and money, there are factors to consider. In Florida, there are a few standardized forms created by the Florida Association of Realtors that contain numerous addenda that can easily change for specific material terms. The forms contain multiple checkboxes and options, with some geared towards the purchase of land with or without a building on the land. These forms are meant for ease of use but can oftentimes be confusing in selecting through the addenda and confirming everything is filled out correctly.
Commercial Real Estate Contracts
Most forms and deals are typically filled out and laid out fairly well, keeping all pertinent information organized and terms outlined. But what is sometimes overlooked or missed are the key terms that can help protect you in the event the deal goes sideways. These provisions are crucial for either helping you get out of a difficult situation or to keep the other party accountable and bound to the transaction and get you to the closing table. In structuring your deal, there are key terms to keep in mind, mostly when it comes to financing and inspections.
There are plenty of situations where financing seems like a done deal, and then quickly falls through for various reasons. Some buyers may not even need financing at all for the contracts, which can make the process easier. Consider whether financing, as a contingency, is necessary for you or if a deal may end up being more attractive to a seller without the contingency. You may even consider simply disclosing that financing will be used and you can iron out the details later, depending on what the buyer has to offer.
Most standard contracts involve processes that leave the buyer to decide if the property meets all of its needs and is in suitable condition, all while the property is under contract. The buyer can walk away or move toward closing and once the final decision has been made, then the deposit typically becomes nonrefundable and the paperwork can continue. One of the standard forms from the Florida Realtors includes a separate inspection rider that addresses a broader range of issues, and includes several options, such as the obligation of the seller to make certain repairs. There are other questions to ask during this process as well, including:
- Does the property need its entitlements changed for the buyer?
- Will the property be developed as soon as closing is complete?
- Are there further conditions the buyer has to settle before closing?
If the answer to any of the above questions is yes, then you may want to have a contract prepared by an attorney, so it allows for permits and approval periods separate from the inspection period.
Estate Lawyers Near Me
Regardless of whether the parties use a preprinted form or an attorney prepared agreement, all parties involved in the real estate deal should read through all documents and forms before making any final decisions. Ensuring your rights and protection during any troubling waters of the estate purchase will give you peace of mind no matter what stage of the process you are in, and gives you a sigh of relief even when the deal is cancelled, as you know you are safeguarded from anything that may go awry.
Are you feeling overwhelmed while filling out your commercial real estate contracts? Have you searched for “estate lawyers near me” to try to seek assistance? Look no further than the offices of Arturo R. Alfonso, P.A. With over twenty five years of experience, we provide the Miami community with our expert resources and knowledge to get you the legal services you need. Call us today!