Selling commercial real estate in Florida
Commercial real estate sellers in Florida who assume they can rely on their buyers’ real estate brokers or attorneys for help with their transactions may be better off hiring their own representation. While many lawyers that represent buyers in residential real estate transactions often assist sellers with various closing documents, it is more beneficial for sellers to hire their own attorneys that can help protect their best interests during each step of the selling process.
Commercial real estate transactions involve many complicated details, and an experienced lawyer can help a seller avoid overlooking any crucial elements or including incorrect information, which could otherwise jeopardize the deal and lead to liability issues. A commercial real estate attorney can review the seller’s listing agreement, a standard form that is typically more beneficial for brokers. A seller’s lawyer could also negotiate the agreement’s conditions and terms. For instance, the attorney can change when a real estate broker will receive his or her commission. The form might state this is to occur when the seller accepts a buyer’s unconditional offer, but a lawyer can change it to when the closing actually takes place.
By retaining their own attorneys, sellers can get their buyers’ purchase and sale agreements thoroughly examined before agreeing to sign them. Lawyers can even prepare their own purchase and sale agreements that are in accordance with the buyers’ or sellers’ wishes, which cannot be done by realtors and brokers without requiring them to break the law and their professional ethics.
Commercial property transactions are generally more complex than residential ones, which can be daunting for both buyers and sellers. A local attorney could help by clarifying agreements that contain broad title warranty language and any other issues that could put the seller at a liability risk.