Commercial Real Estate Sale & Purchase

Whether purchasing or selling, commercial real estate transactions can involve significant amounts of money being exchanged, various property rights being transferred, and government regulations. In many commercial real estate transactions, individuals and businesses seek the assistance of real estate brokers to coordinate the sale or purchase of the commercial property. However, commercial real estate transactions generally overlap with multiple areas of law, such as contract law, statutory law, environmental law, common law, inheritance law, and ordinances.

In any real estate matter, enlisting a real estate attorney’s assistance can help you avoid common pitfalls, navigate various legal issues, and protect your interests. At Kasan Law, our attorneys represent both buyers and sellers of commercial and mixed-use properties. Our commercial real estate practice offers a variety of services, such as:

• Commercial purchase and sale agreement preparation
• Commercial real estate closings representation
• Title matters and commitments
• Commercial lease and rental agreements
• Property management agreements
• Property inspections
• Property surveys and appraisals

Types of Commercial Property

Commercial real estate relates to any property intended for commerce and business transactions. Depending on the function, purpose, and zoning, commercial real estate is categorized into various classes:

• Industrial Property: The industrial category involves property used for commercial purposes, distribution of goods, and production, such as warehouses, trade or manufacturing facilities, factories, and assembly or processing plants.

• Retail Property: The retail category involves property used for selling goods or services to customers in a retail setting, such as malls, strip malls, shopping centers, and restaurants.

• Office Property: The office category involves property used for business transactions and other service-related activities, such as doctor offices, law firms, insurance companies, and more.

• Multifamily: The multifamily category involves property used for large residential properties such as condominiums, apartment buildings, and townhomes. Generally, buildings with more than four units meant for rent or lease fall into the commercial property category. 

• Hotel and Motel: The hotel and motel category involves property used for travelers and tourists’ hospitality and accommodations.

• Mixed-Use Property: The mixed-use category involves property used for commercial and residential purposes, such as a clothing store on the first floor and residential apartments above the retail space.

Commercial Real Estate Contracts

A contract to buy or sell real property is a binding and enforceable commitment between two or more people that imposes rights and obligations on each of the parties. The contract will govern the transaction by setting forth the rights and obligations of both the buyer and the seller. A commercial real estate purchase and sale agreement generally contain the following:

• Buyer’s name and contact information
• Seller’s name and contact information
• Information regarding anyone representing the buyer and seller in the transaction
• Sale and purchase price
• Earnest money amount to confirm a contract
• Closing and possession date
• Fixtures and personal property that will be left behind and included the sale
• Fixtures and personal property that will be removed
• Timeline for completing inspections and surveys
• Financing information
• Disclosures required by law or agreement
• Any contingency associated with the purchase or sale of the property
• Other concerns, such as leases and existing tenants

In certain situations, vague and unclear commercial real estate contracts can be unenforceable. Our attorneys can assist draft, negotiate, and review the real estate purchase or sales contract to avoid the common pitfalls and protect your interests.

How Kasan Law’s Commercial Real Estate Attorneys Can Help

When buying or selling property, the complex and changing legal environment can make it difficult to understand and revise the documents and contracts that will impact the transaction and your interests. The purchase of residential or commercial property is commonly one of the most significant financial transactions of a person’s lifetime. 

At Kasan Law, we represent both owners and buyers in residential and commercial real estate transactions. Our attorneys can assist you through the entire purchase or sales process, including contract preparation, ordering title commitments, closing preparation, and post-closing matters. We keep clients informed through the entire process, explain contracts and other legal documents in simple terms, and provide legal advice that aligns with your goals and objectives.

Free Consultation

At Kasan Law, our approach to lawyering enables us to efficiently provide creative, flexible, and individually tailored solutions to each client’s specific needs and legal issues. We offer reasonable hourly fee arrangements and offer flat-fee, hybrid, and, if possible, contingent fee litigation services. Our consultations are free and carry no obligations.

Whether your legal needs involve residential or commercial property, contact Kasan Law’s Chicago and Illinois residential and commercial real estate attorneys to schedule your free and no-obligation consultation by calling (312) 300-6724, e-mailing us at Info@LawKasan.com to request a review of your case, or schedule your consultation online.