Some of the key provisions in a real estate purchase contract are, of course, the purchase price, the closing date, a financing contingency, an inspection contingency, but there’s also a lot of smaller, little-known clauses that are important to the transaction. It’s very important to retain the services of an experienced real estate attorney to review the contract if you have any questions.

A build out in commercial real estate means oftentimes you’re purchasing a shell and it’s your responsibility as the tenant or the new owner to build out the interior of the premises. You can negotiate in the contract to have a build out allowance that either a landlord or a seller will provide you a certain amount of money for the build out.

At the closing, the buyer and the seller will each sign their documents. The seller will sign a deed, which actually transfers the property to the buyer. Typically, the buyer will sign a mortgage if they’re borrowing money to buy the property. Then the closing agent will distribute the funds to the people that are due. The parties will exchange keys. Most of the time it’s a pleasant process, but sometimes it’s not so pleasant.

Depending on how the contract was drafted, the seller may seek to retain the deposit as liquidated damages. Or the buyer may receive a return of the deposit if there was a contingency in the contract that allowed the buyer not to close. You need to consult a professional real estate attorney in Florida to know what your rights are under the contract.

In Florida, co-tenants or co-owners of property have a right of partition, which means they can force a sale of the property if the parties can’t agree on whether or not to sell the property. As long as they haven’t in writing agreed to not sell the property at the time of purchase, one of the parties can file a partition action and ask the court to force a sale of the property and split the proceeds accordingly.

Most real estate contracts have a financing contingency deadline. You want to make sure that you pick a lender not only that of course will offer you good terms, but that can meet the deadline for the financing contingency. If your lender does not meet the deadline for the financing contingency in the contract, you may be in breach or default of the contract, and may lose the house or be sued for damages.

It’s an important analysis to determine whether it’s in your best interest to purchase or to lease real estate when it comes to your business. A commercial real estate broker and a experienced commercial real estate attorney can help you determine whether or not leasing or purchasing is going to be the best decision for you.

It’s important, I think, to hire both professionals during a transaction. Each party brings a different skillset to the table. A licensed Florida attorney is there to represent you and watch out for your legal interests. A real estate agent has expertise when it comes to the market itself, but a real estate agent does not necessarily have fiduciary duties to where they have to keep your best interest in heart at all times. An experienced Florida real estate attorney can assist you in this process, working together with your agent to bring about the best result.

Letters of intent are typically used in commercial real estate transactions in Florida. There’s nothing preventing you from using a letter of intent in a residential transaction but it’s not typically used. A letter of intent is a non-binding letter which essentially outlines the main deal points in a transaction and that the parties will move forward trying to negotiate the terms of an actual contract.

CAM charges, or common area maintenance charges, are typically part of a retail or a strip center lease. They cover the landlord’s parking lot maintenance, maintenance of the overall grounds. Typically, as the tenant, you’ll pay your pro rata or percentage share based on the amount of space you occupy versus the space in the total project.