When transferring a commercial real estate property it is vital that you handle every aspect of the sale legally; it can be quite a complex transaction. In many situations, a single party must obtain a mortgage with the other holding the obligation to pay it off. A title search is another common aspect of the transaction that usually has to be completed in order to make sure the transaction doesn’t end with outstanding liens.
The necessary prerequisites make it necessary in most cases to purchase title insurance. Related documents and funds could be placed in the holdings of a local escrow company. The actual contract can be created and legally enforced so long as it includes specific terms (i.e. property description, sales price, signatures from the parties involved, etc.) The contract may be written using complex details that are in accordance with the legal rights one would like to protect. It is highly recommended that all parties involved in this type of potentially complex real estate transaction obtain a real estate attorney/land law attorney.
Real estate attorneys can review the contract on behalf of their clients in order to determine if there are any necessary modifications. There are a number of guidelines and rules in place that parties must stay in compliance with and working alongside an experienced southern California real estate attorney can help avoid additional complications in this area.
If you need to discuss today’s laws and statutes as pertaining to commercial real estate contracts, get in touch with the real estate attorneys at The Law Office of Law Office of Ernesto F. Aldovertoday.