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.

It is very important to consider an environmental site assessment when you’re purchasing commercial real estate. There are many things to take into account including what the property has been used for in the past. If you’re obtaining financing, likely, the bank will require you to at least do a phase one environmental study to determine if there are any issues or anything that needs to be explored further.

How long your lease is is greatly determined by your individual situation. There are benefits to signing a long-term lease, including a reduced rent and not having to move in the future, but you also must consider whether or not your business is going to outgrow its space. It’s important to consult with an experienced Florida attorney that can help you determine whether a short-term or a long-term lease are in your company’s best interests.

It’s important to start with talking to a licensed, experienced commercial real estate attorney and also an experienced commercial real estate agent. It’s important to assess what type of space you need, how much space you need, and what part of town you need it in. An agent and an attorney working together can represent your best interests and help you on a smooth transition in your new business.

It depends. If you’re transferring the property to wholly owned subsidiary and literally nothing is changing in terms of the beneficial interest of the property, meaning you will still be the person that owns it after the transfer, then there is likely an exemption that you do not have to pay the documentary stamp tax on the deed.

Absolutely, in my opinion, the attorney and the broker play two separate roles in the transaction. A broker comes with the experience of real estate transactions in general, but you need an attorney to make sure that you’re covered on the legal side, that you’re meeting the deadlines and that you’ve incorporated everything into the contract that’s necessary to protect you.