While the decision to purchase or sell real property always lies with the company, a lawyer could help to perform all required due diligence for the transaction. An attorney can also serve in a vital role in drafting the purchase agreements. This can result in not just a legally sound acquisition of real estate, but also a purchase agreement that best meets a company’s goals.
A Bloomington commercial purchase agreement drafting lawyer can help companies by authoring commercial property purchase agreements. A well-versed real estate attorney can meet with company leadership to identify their goals for the purchase while examining the history of the property to mark any potential issues that may arise in the transfer of ownership.
Potential Reasons to Own Property as Opposed to Renting
The decision to rent or own real property is important. For companies that produce a good or provide a service, having a stable location in which to do business can be key in being able to make decisions for the future.
If a company can afford the purchase price, buying the land may be the best option. A purchasing company will not have to deal with a landlord who may complain about adherence to lease terms or choose not to renew a lease. Additionally, owning land allows a company to build equity in that property for a potential future sale.
Even so, renting may be a better choice for companies who do not have a large amount of cash on hand or who do not want to deal with the day-to-day minutia of property maintenance or evaluating regulatory matters involving zoning or taxes. In either event, companies that make the choice to purchase real estate should consult a Bloomington commercial purchase agreement drafting lawyer who can help draw up terms for an agreement.
Selling Real Estate Assets in Bloomington
A Bloomington commercial purchase agreement drafting lawyer could also help companies whose goal is to sell a piece of real estate. These can include businesses that are looking to downsize as well as landlords who no longer wish to retain control over a building.
Selling commercial property comes with many legal obligations. Drafting a proper sale agreement is important and serves as the legal documentation that memorializes a company’s fulfillment of these duties. For example, the Residential Lead-Based Paint Hazard Reduction Act of 1992 requires the sellers of residential property to disclose the presence of lead paint in buildings built prior to 1978. Failures to meet this and similar obligations could lead to allegations of misrepresentations or fraud in the future. Working with a Bloomington commercial purchase agreement drafting lawyer could help companies compile property sale contracts that meet the varying federal and state disclosure requirements.
A Bloomington Commercial Purchase Agreement Drafting Attorney Could Help
Many companies have a significant portion of their assets tied to real estate. These include companies that operate stores or restaurants, as well as those that own land for the purpose of leasing it to other parties. With this major role in a company’s financial health, it is essential to take the proper legal steps when buying or selling real estate.
A major portion of this role is the proper drafting of real estate purchase agreements. Not only must these agreements clearly disclose the terms of the sale, but they must also conform to all relevant federal and state regulatory and disclosure requirements. A Bloomington commercial purchase agreement drafting attorney could help facilitate a proper sale. To learn more, call today for a consultation.