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Commercial & Residential Purchase Contract Drafting & Negotiation
Satel Law understands the complexity of commercial and residential real estate contracts. Whether you are buying a commercial or residential property, the process of drafting a purchase contract is a careful negotiation of a multitude of details. The key to a successful negotiation and drafting process is to have a legal professional who is experienced at navigating the process and protecting your interests.
Foundationally, the contract specifies each party’s rights, obligations, and liabilities, while detailing the steps necessary to close the transaction. It also must include accurate details of exactly what property, both real (land and building) and otherwise (furnishings, etc.) are included in the sale.
Some of the terms included in basic real estate contracts are:
- Accurate property description
- Transfer documents (deeds, assignments, bills of sale)
- Purchase price, adjustments, earnest deposits
- Buyer’s contingencies (financing, title review, survey, inspections, etc.)
- Seller representations and warranties
- Other seller duties (continuing management, insurance, damage to property, etc.)
- Broker involvement
- Boilerplate provisions
- Closing details
- Pre-contract documents (letter of intent, confidentiality agreements)
Without using the expertise of an experience legal professional, you can easily find yourself in an untenable situation. Let us help you ensure that every foreseeable contingency has been considered and provide you with accurate protection to mitigate your risk.