The area of commercial real estate is a far more complex field than residential transactions. And this complexity is not simply a factor of running a business, but also arises during the sale or purchase of a commercial property. Having an experienced lawyer to represent you during the sale or purchase of a commercial property could be one of the wisest decisions you make. If you are looking to purchase a commercial property, or are considering selling your business, contact our office today.
Purchases, sales, and leases are often times complicated by the added requirements of multiple disclosures, options for renewal, commission agreements, approved use laws, subletting agreements, insurance requirements, build-out requirements, fixture ownership clauses, and even prorations, just to name a few. Both seasoned commercial investors and first time business owners alike know that having an experienced real estate attorney represent you in all legal matters is a crucial step that can significantly improve results, and help prevent legal complications from arising in the future.
Everyone realizes sales agreements must include the sale price, but what about uncollected receivable accounts? Or how about company cars – are they included in the sale? Then there is the issue of stock on hand. Does your sale or purchase include all stock on hand the day keys are handed over, or will a recent delivery of merchandise change the sale price? How about the fixtures? Are all fixtures included or was the flat screen in the owner’s office his personal property? Or maybe the commercial property includes a rental unit that was given to a family member with a 20 year option at ridiculously low rates. Do those conditions transfer to you when you become the new owner? Having an attorney with years of experience in commercial real estate purchases and sales to review your documents can ultimately save you thousands of dollars. Contact our office today for help at (610) 255-7500 in PA, (609) 285-3999 in NJ or (410) 705-0970 in MD.
Another complication for commercial purchases and sales are employees. When a business changes ownership, the sales agreement must also specify a course of action for the handling of employee salaries, benefits, and even whether or not their positions will be maintained at all. This can be a very complicated issue and may involve several other contracts that the seller may have entered into with others. Attorney Michael Alan Siddons focuses on business law and can ensure your commercial transaction runs smoothly. Having him review all your documents (or draft them) can help you be aware of all potential pitfalls.
Commercial real estate transactions are too complex and regulated to enter into without professional legal assistance. Even the most seasoned investors still rely on the legal advice of experienced real estate attorneys. Do not get caught in a commercial investment fiasco that could have easily been avoided. Contact us today for all your commercial real estate needs.