Contingencies are parts of a contract. Lawyers often refer to them as conditions proceeding, which are things that must occur for the closing to move forward. For instance, the buyer may have an inspection contingency and may have a certain number of days to inspect the property or they don’t like the inspection results and may be able to back out of the contract. Another common contingency is the financing contingency where the buyer has a certain amount of time to obtain financing or they don’t have to follow through and close on the deal. It’s important to consult with an experienced attorney that can tell you, as the seller or the buyer, what contingencies are necessary or which contingencies may not be in your favor that you want to negotiate out of the contract.

If a party breaches a contract, the remedies available to the other party depend on what’s in the contract and whether the contract excludes specific remedies that would be typically available under the law. The most common remedy would be money damages to make the person whole again in the event of a breach of the contract, but also specific performance. That’s when you ask the court to make the seller perform the deal and there are a variety of other remedies, depending on the situation.

When purchasing commercial real estate, some common areas of problems can be inspections and environmental problems. Also, you want to make sure you meet all your deadlines in the contract for financing. Those are just some of the areas where you can run into trouble and why it’s important to contact an experienced commercial real estate attorney.

(silence).Some typical closing costs in a residential real estate transaction include state of Florida documentary stamp taxes, recording fees, title insurance, loan fees if you’re borrowing money, a survey. There’s a variety of closing costs and each situation will determine whether or not those closing costs apply to you.(silence).

Well the difference between commercial and residential real estate is actually defined as what is not commercial real estate. Commercial real estate is considered anything that’s not a single family home or a multi family home with four units or less. In other words, everything else that’s real property in the state of Florida is considered commercial real estate. One of the primary differences between purchasing commercial and residential real estate is in residential real estate a seller is obligated to disclose all known facts that materially affect the value of the property. In commercial real estate, it’s buyer beware, so it’s very important for the buyer to obtain due diligence and to have proper representation when purchasing a commercial property.

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.

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.

It’s important to review an attorney’s experience and qualifications in the area which you’re intending to hire them. For instance, if you’re looking for a residential real estate attorney, have they been involved in a lot of real estate deals? What experience do they have with real estate litigation? It’s also a good idea to have someone you’re compatible with personality wise. The attorney-client relationship is very important, and attorney and client must trust each other to come up with the best outcome.