BUYING, SELLING OR REFINANCING?
Miami Real Estate Attorneys:
Commercial real estate can be a profitable investment – especially retail properties in busy shopping centers. But like any commercial real estate transaction, both buyers and sellers have significant legal rights at stake. Your property rights, contractual obligations, and financial interests can be impaired if you are not represented by a real estate attorney who has specific experience in real estate transactions involving shopping centers. Learn more about how buyers and sellers can benefit from the advice of a Miami real estate lawyer.
Why Commercial Property Buyers Need a Real Estate Attorney
Buyers have many different legal interests at stake during a commercial real estate transaction. On the financial side, a buyer must deposit earnest money into escrow as soon as the property goes under contract. This money can be forfeited if the sale is not completed for any reason. In transactions involving expensive shopping centers, the earnest money can be quite significant. A real estate attorney can help you protect your earnest money by avoiding breaches of contract. If the sale is not completed due to the seller’s breach, a real estate attorney can work with your escrow officer to prove that the seller was the one who breached the contract, and you are thus entitled to a refund of your earnest money.
Why Commercial Property Sellers Need a Real Estate Attorney
Commercial property owners have specific disclosure obligations. These can be far more complicated than residential property disclosure obligations, and a failure to make proper disclosures can lead to liability. Sellers might be tied up in litigation for years to come over disclosure issues – especially when the sale involves an expensive commercial property with a detailed purchase contract. A real estate attorney can help you avoid these problems by helping you understand all your disclosure obligations and preparing written disclosures that will protect you in the event of future disputes.
Sellers have other contractual and legal obligations that can also lead to liability in the future. By working with a real estate attorney before a sale is completed, you are reducing the risk of stressful (and costly) litigation in the future.
Why It Is Important to Work with an Attorney with Experience in Shopping Center Sales
Commercial real estate transactions are very different from residential real estate transactions. They pose unique challenges and various issues when it comes to a buyer’s or seller’s legal rights. Even different types of commercial transactions can vary significantly. The purchase of a small apartment building is very different from the purchase of a large shopping complex – even though both properties are zoned for commercial use. This is why it is important to work with an attorney who has specific experience with real estate transactions involving shopping centers.
At Costa and Associates, our Miami real estate attorneys have experience working with buyers and sellers in a shopping center real estate transactions. We have helped many clients protect their legal rights, and we can help develop the best strategy for you, too. Call (305) 827-0100 to schedule your free consultation.