Purchase and Sale of Commercial Real Estate

Commercial Real Estate Purchase and Sale Attorneys

Linnemeyer Law, LLC provides counsel and representation to clients buying and selling commercial real estate.  Commercial real estate transactions come in many forms, including the purchase and sale of retail developments, office buildings, apartment buildings, industrial buildings, vacant land, investment property, and many other types of property.

Each commercial real estate transaction involves specific risks and issues.  These risks and issues include environmental issues, title defects, lease assignments, city and county use and zoning restrictions, easement issues, neighboring property rights, lender requirements, litigation and unresolved code violations.  The attorneys at Linnemeyer Law have years of experience addressing these challenges and many other common commercial real estate issues.  

Our representation of Buyers and Sellers of commercial real estate typically includes advice and counsel on the following matters:

Letter of Intent (LOI):  Typically, the buyer and seller will execute a Letter of Intent or Term Sheet to memorialize the material terms of the transaction before a Purchase and Sale Agreement is executed.  We assist clients with the preparation and review of Letters of Intent and Term Sheets.

Purchase and Sale Agreement:  After a Letter of Intent or Term Sheet is executed, the attorney for the Seller or Purchaser will prepare a Purchase and Sale Agreement.  The Purchase and Sale Agreement is a legally binding agreement that contains the parties’ terms, conditions and obligations with respect to the real estate.  The Purchase and Sale Agreement covers key provisions of the transaction, including due diligence, contingencies, covenants relating to the use and operation of the property during the contract period, prorations and credits, representations and warranties and closing conditions.

Due Diligence: Most commercial real estate transactions involve a due diligence period where the Purchaser conducts due diligence on the property.  Due diligence includes on-site inspections, environmental assessments, title and survey review, review of relevant documents (including leases, management agreements, easements and service contracts) and review of use and zoning restrictions.  We assist Purchasers in the review of due diligence items and advise Sellers on necessary due diligence production and liability protections for on-site inspections.

Title and Curing Title Defects:  Typically, the Seller is responsible for providing the Purchaser with a title commitment during due diligence and providing the Purchaser with an Owner’s Title Policy as a condition of closing. As an attorney-agent for Chicago Title, we handle all aspects of ordering title searches, preparing the title commitment and clearing title exceptions for closing.  When representing Purchasers, we review the title commitment during due diligence, identify and provide notice of title defects and review the pro forma title policy at closing.

Financing:  Most commercial real estate transactions are contingent upon the Purchaser’s ability to secure third-party financing. We work with Purchasers and lenders to review financing terms and loan documentation.  Additionally, we assist Purchasers with satisfying lender requirements for closing, including company consents and certificates, searches and governing documents.

Closing:  When representing Sellers, we prepare all closing documents, calculate prorations and credits and work with the title company to prepare the closing statement.  When representing purchasers, we review all closing documents, confirm the accuracy of all closing figures and review the pro forma title policy.  Many commercial real estate transactions are conducted remotely so that the Seller and Purchaser do not need to be physically present at the title company.

To schedule a consultation, call (630) 332-3600 or contact us online.