Making the right decisions concerning whether to purchase a piece of land for a company is crucial. Every portion of the sale agreement from the proposed purchase price, to zoning considerations, to any easements on the land, is subject to intense scrutiny. Most of these concepts are open for negotiation. In fact, it is the rare commercial property deal that does not undergo intensive negotiations before being finalized.
A Bloomington commercial purchase negotiation lawyer is prepared to represent the interests of companies looking to purchase commercial real estate. This can include deals to purchase a rental property, a brick and mortar location for a store, or for industrial land to produce a product. A well-versed real estate lawyer can work to reach a favorable agreement.
Why is Negotiation for the Purchase of Commercial Property so Important?
The primary goal in any contract negotiation is to secure more favorable terms. It is important to realize that the first contract a seller may offer is their best-case scenario, and they may be willing to make changes. More importantly, purchasers must understand what terms they are willing to accept and what terms are out of the question. Property sale negotiations can help both parties to come to a final agreement that best fits both their needs.
Proper negotiation of a purchase agreement can also help both parties understand their legal obligations. Many contract disputes arise because one party is not clear on their obligations under the terms of the agreement. In fact, a seller may allege a breach of contract and demand full enforcement of that contract in a civil court within six years of the sale under Minnesota Statute §541.05. A Bloomington commercial purchase negotiation lawyer could help make sure the terms of a commercial real estate deal are clear to all involved parties.
Terms that May Be Open to Negotiation in Bloomington
Any term in a contract may be the subject of negotiations. Price is a major area of negotiation. Any reduction in price will free up capital that may allow a company to buy more advertising, hire more staff, or purchase additional equipment.
However, other topics can have just as large an impact on the sale of commercial real estate. Easements and rights of access can control many pieces of property, and a buyer may be able to ask a seller to end that arrangement with the applicable third party. Similar arrangements may do away with any outstanding utility bills or tax liens.
Still, there are some topics that are bound by the law and cannot be the subject of negotiations. For example, the zoning laws concerning the land are non-negotiable. So too are regulations concerning the disposal of waste or pollution laws. Taking on these responsibilities is always the role of the purchaser after coming to final terms.
Ultimately, most terms for negotiation are the choice of the buyer and seller. A Bloomington commercial purchase negotiation lawyer could help identify those terms and work towards the company’s goals.
Let a Bloomington Commercial Purchase Negotiation Attorney Help
Choosing to purchase land for a commercial purpose is always a complex business and legal decision. In addition to any concerns regarding the legal rights and obligations involved in this sale, it is essential to fight for favorable terms.
A Bloomington commercial purchase negotiation attorney could help to promote your company’s goals during the negotiation for purchasing commercial land. This can include setting a line for price, working to clear any easements, and coming to terms concerning tax liens. Effective negotiation can place your company on a sound financial and legal footing for the future. Call today to schedule an appointment.