A proper real estate transaction is vital to any company looking to do any kind of business that deals with the buying or selling of real estate. This can be the purchase of an office, the sale of property to another interested buyer, or purchasing property with the intention of leasing it out to tenants.
A Bloomington commercial real estate transactions lawyer could help business owners purchase or sell real estate. Whether a company is looking to acquire or sell land, a skilled real estate attorney could help meet the necessary legal requirements and draft the relevant documents.
Legal Requirements in Commercial Real Estate Transactions in Bloomington
In a commercial real estate transaction, one party is offering cash in exchange for real estate. This places a burden on the seller of the property to provide information about the property to the buyer. However, this duty is limited.
According to the case of Richfield Bank & Trust Co. v. Sjogren, 309 Minn. 362, 366, 244 N.W.2d 648, 650 (1976), sellers have no duty to disclose any information comprising material facts about a business transaction to another party. However, an exception does exist if the parties have a fiduciary relationship or if one party “has special knowledge of material facts to which the other party does not have access.”
This means parties to commercial real estate transactions must perform their own due diligence into the sale. However, in situations where a seller has information the buyer could never obtain on their own, that seller must disclose the information. A Bloomington commercial real estate transactions lawyer could help perform due diligence on behalf of a buyer as well as work with sellers to ensure their sale agreements meet this legal standard.
Helping to Draft Transaction Agreements
A commercial real estate transaction is a contract. This means the parties to the transaction have a legal obligation to perform their duties under the language of the agreement. Therefore, drafting a contract with clear and concise language is essential to all involved parties.
A Bloomington commercial real estate transactions lawyer could help business owners identify their goals for a purchase or sale agreement. They could then articulate those goals into draft transaction agreements. During negotiations a lawyer could also help represent a company’s interests in hammering out the details of a final transaction agreement.
Ultimately, the terms of the agreement will be binding for both parties. If one party alleges a breach, they can petition a civil court to decide the matter. Hopefully, this proves to be unnecessary, but a Bloomington commercial real estate transactions lawyer could also help prepare cases for litigation within the six-year statute of limitations contained in Minnesota Statute §541.05.
Call a Bloomington Commercial Real Estate Transactions Attorney
Making the decision to purchase or sell commercial property creates many legal questions. A Bloomington commercial real estate transactions attorney could answer all your questions concerning the purchase or sale of commercial land. They can help to evaluate the terms of an existing purchase/sale agreement, work towards negotiating new terms, and draft new documents. Call today to learn more.