Real Estate Lawyer for Buyers and Sellers in Commercial Closings
Investing in a commercial real estate property can provide a consistent source of income well into the future, but in order to start reaping the benefits, you have to ensure that your closing goes smoothly. Commercial closings are often more complicated than residential closings not just because of the larger sums of money exchanged, but also because of the involvement of pre-existing leases and regulations governing commercial land use.
With so much at stake, it is crucial that developers, investors, and sellers go into a closing with strong legal representation to protect their interests. At The Marques Eason Law Group, we bring our 10 years of legal experience and our knowledge of the South Suburbs and South Side of Chicago to serve commercial clients in closings on multi-unit apartment buildings and a range of other income properties.
Considerations in a Commercial Closing
The nature of commercial real estate transactions means that there are often additional considerations beyond those involved in a residential closing, all of which can benefit from the guidance of our commercial closing attorney. These include:
- The importance of escrow: With large amounts of money involved in a commercial closing, both parties must agree upon a designated escrow agent who will hold funds in a secure account until all agreements have been finalized. We provide escrow services should you choose to use them.
- Agreements between legal entities: Buyers and sellers in a commercial closing are often legal entities, such as LLCs or LLPs, rather than individuals. We can help you prepare and review the additional paperwork that this entails, as well as ensure that both sides have proper signing authority documents in place to complete the closing.
- Fewer protections for buyers: Unlike in residential transactions, there are no regulations in place requiring commercial property sellers to disclose defects or problems with the property. We can help buyers perform the necessary due diligence to seek and review documents that provide a complete picture of the property.
- Land use and other regulations: Commercial properties must comply with land use regulations, zoning ordinances, and environmental regulations. We can help you ensure that the property is compliant with any regulations before closing and prepare the necessary documents to prove it.
- Assumption of leases: Transferring ownership on a multi-unit apartment building or other commercial property also involves transferring any existing lease agreements from the seller to the buyer. We can help you review the assumption of leases document to ensure everything is in order.
Guiding Buyers and Sellers Through a Commercial Closing
We help both buyers and sellers throughout the process leading up to a commercial closing. For buyers, we assist with contract review and negotiation of terms, attention to all of the aforementioned considerations, especially the gathering and review of information about the property, preparation of closing documents, and presence and oversight at the closing.
We also review and negotiate contracts and prepare closing documents for sellers, as well as help them respond to the buyer's objections to title and survey reports, ensure that the buyer's down payment is in escrow, and ensure that all leases are assumed by the buyer at closing.
In addition to our closing services, we also represent commercial buyers and sellers in post-closing dispute litigation, and we represent landlords in eviction cases in which tenants have defaulted on rent payments or breached lease terms.
Contact Our Commercial Closing Law Firm
If you are planning to buy or sell a commercial real estate property in the South Suburbs of Chicago, contact us at 312-973-3755as soon as possible to have an experienced real estate attorney on your side throughout the process. We represent clients in Beverly and the South Side of Chicago, as well as Chicago Ridge, Oak Lawn, Evergreen Park, Blue Island, Harvey, Olympia Fields, and the surrounding areas.