BUYING, SELLING OR REFINANCING?
Miami Real Estate Attorneys:
Warehouse and Industrial Real Estate Transactions
Commercial real estate transactions are usually far more complicated than residential transactions. The sales price is higher, there is more earnest money at stake, and the detailed sales contracts provide both buyer and seller with additional rights and responsibilities. It is important to consult with a real estate lawyer who has experience with warehouse and industrial property sales. This legal advice can save you time, money, inconvenience, and legal liability for years to come.
How Warehouse and Industrial Property Closings Differ from Residential Closings
The Real Estate Settlement Procedures Act (RESPA) governs the procedures that must be used to protect buyers and sellers in a residential real estate transaction. RESPA does not, however, apply to commercial transactions (such as those involving warehouses and industrial properties). This means that the burden is on the buyer and seller to perform any due diligence necessary before the transaction closes.
Buyers must inspect the property and the surrounding area in order to be sure the purchase price is reasonable, the terms of the sale are fair, and the property is an acceptable investment risk. Sellers must perform their own due diligence to ensure they make any disclosures required by law, to confirm the buyer’s ability to follow through with the sale, and otherwise protect their legal and financial interests throughout the sale. Buyers or sellers who fail to perform reasonable due diligence may lose significant money, property rights, or contractual benefits in the process of closing on the property. Individuals who fail to perform due diligence can also be liable to a business entity they represent for the losses the business sustains as a result of inadequate due diligence.
Why it is Important to Hire a Real Estate Attorney with Experience in Warehouse and Industrial Property Sales
So what diligence is due before a sale can be completed? The answer is different for every real estate transaction. It can depend upon the type of property (for example, a small warehouse versus a large manufacturing facility), the geographical area, the type of business entities that are involved in the transaction, the amount of the purchase price and earnest money, the terms of the sales contract, and many other factors. This is why it is so important to consult with a real estate attorney about the particular details of your specific situation. A lawyer can help you protect yourself and your business from the financial costs and legal liability of inadequate due diligence. A lawyer can also help prevent these problems altogether by identifying potential problems early and helping you resolve them in the most timely and efficient way possible.
Experienced Miami Real Estate Lawyers for All Warehouse and Industrial Properties
At Costa and Associates, we know how to protect your legal rights while completing a commercial real estate transaction quickly and efficiently. Miami buyers and sellers trust our knowledge and experience related to warehouses and industrial properties. Call (305) 827-0100 to schedule your free consultation with an experienced Miami real estate attorney.