Frequently Asked Questions About Commercial Real Estate Transactions
Financial and legal risks abound in Florida’s commercial real estate market. Whether you are contemplating your first commercial real estate acquisition or have purchased this type of property before, it is wise to seek skilled legal counsel before you sign your purchase agreement. At Silvestri Law, P.A., attorney Silvestri has helped countless clients navigate the transactional process and secure favorable terms for their property deals.
The firm’s team wants to help you achieve your objectives, too. Before you contact Silvestri Law, P.A., about your real estate matter, please read the answers to frequently asked questions about real estate transactions. If you have other concerns, do not hesitate to schedule a consultation at the firm’s St. Petersburg office.
Why should I hire an attorney if I’m buying property? Can’t I just work with a real estate agent?
In Florida, those selling commercial property do not have the same disclosure obligations as do individuals who are selling residential real estate. If you are in the market to buy or lease commercial property, you are responsible for conducting due diligence before you close your deal. Working with a knowledgeable commercial real estate attorney can help you avoid making expensive mistakes that put your business in jeopardy. As your advocate, Larry Silvestri will make you aware of the upfront costs associated with the transaction, the ongoing expenses tied to property maintenance and other costs that are difficult to determine without prior experience. In addition, he can answer thorny financing questions, review contracts, and help you ensure you have completed all necessary steps in your real estate transaction.
At what point in my transaction should I involve an attorney?
Whether you are pursuing a transaction as a commercial real estate buyer, developer, or seller, it is critical to involve a qualified attorney as soon as possible. Hiring an attorney during the planning stages of a project can ensure that the process moves as smoothly as possible. We have the skills necessary to ensure your paperwork is correct and that your contracts are detailed and contain favorable terms. If your real estate transaction becomes arduous or you’re unable to reach a decision with the other parties involved, our attorney can intervene on your behalf so that your transaction does not get derailed. With over 25 years in the industry, attorney Silvestri has handled many problematic transactions and knows how to find solutions that work.
What provisions should my commercial real estate purchase contract include?
Although no two real estate contracts should be exactly the same, there are common provisions that most contain. Commercial real estate contracts often include closing conditions, warranties, covenants, and representations. What these contracts don’t contain can create problems down the road, too. Because these types of agreements are not required to disclose certain information, it is important to retain an attorney to review your contract before you sign it. Attorney Silvestri is well-versed in the industry’s best practices as they relate to contract provisions. Using his knowledge, he can identify unfavorable terms that may create legal headaches in the future. Consider it a sound financial investment to consult with an attorney before you enter into your real estate deal.
How do I know what the property has been zoned for?
If you’re planning to purchase or lease a property for a commercial purpose, it’s your responsibility to ensure the property has been zoned for commercial use. This research is part of your due diligence, in addition to researching the property’s utilities and conducting a title search. Having practiced real estate law for decades, attorney Silvestri knows how to locate relevant legal documents promptly and can decipher the information that they contain.
Have Other Questions? We Have Answers.
Get the skilled advice you need to minimize risk and protect your business interests when you work with Silvestri Law, P.A., in St. Petersburg. You can easily arrange a private consultation with a leading real estate attorney when you complete the firm’s online form or call 727-285-9963.