If you are considering purchasing commercial real estate for your business, it is important to understand some of the legal intricacies of commercial build purchases and sales in California. These real estate transactions are different from residential purchases and sales, and a commercial real estate attorney can help you navigate the legal complexities involved.
What to Expect in a Commercial Purchase or Sale
Commercial property purchases and sales are very different from residential deals. Unlike residential deals where you buy and sell to one person or family, a commercial deal can involve multiple tenants, companies, utilities, contractors, creditors, and other invested parties. Commercial deals require a number of different forms to handle every transaction with every party involved with the building. Each will need to be negotiated and specific to that person or business. It is only after all issues are resolved that a commercial deal can go through.
Founded in 1960, AIR Commercial Real Estate Association is the industry leader in California for commercial real estate forms. AIR has a library of dozens of forms for commercial build purchases and sales in California that can help you through the process of your transaction. These forms include, but are not limited to, commercial cover sheets, addendums, arbitration agreements, assignment and assumption of leases, counter offers, property information sheet, right of first refusal, service agreements, standard industrial single tenant and multi-tenant leases, work letters, and more. AIR forms are a great starting point for the purchase or sale of any commercial transaction in California, but a lawyer is needed to make sure that the particulars of your transaction are represented in the contracts.
How a Lawyer Can Help
Having an attorney by your side through the purchase or sale of a commercial build can save you money, time, and help you avoid future liability. Standard forms in a commercial transaction are good to a point, but as soon as you need to customize the contracts for your specific needs, an attorney is crucial to ensuring that everything is legal and correct. An attorney can review your forms, contracts, and other legal documents before signing to ensure that you are getting the best possible deal and to ensure that you fully understand all aspects of the transaction before you sign.
A lawyer can also help negotiate any issues that arise during a purchase or sale transaction. If there is a disagreement on terms or the other party fails to perform their side, a lawyer is the best person to represent your interests. If necessary, a lawyer can take your case to court in order to complete the purchase or sale of your commercial transaction.