What is involved with purchase of a commecial retail condo? I have a seller, and we are agreed to a price. Now, am looking for the method and paperwork to do the legal stuff. Brokers want at least 1%. Are there real estate attorneys who may do this?

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Posted: 10.25.2008 11:53 AM

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02/24/2009
broker
geoffdav
Make sure the attorney has a lot of real estate legal experience. You need an expert,
11/07/2008
broker
molsan
In my experience, you probably want an attorney to draft the legal documents necessary to effect the acquisition of a commercial condo. In doing so, you will need a purchase agreement, grant deed and possibly, a bill of sale and assignment of contracts. Additional legal documents may be necessary depending on whether you are acquiring any intellectual property rights or whether you will be assigned any leases for tenants occupying the space. In addiiton, it would be advisable for an attorney to review the covenants, conditions and restrictions that may apply to the property to ensure you can operate your business as you intend. Lastly, since it is a condo, there will be condo association documents that you (or your attorney) need to review to ensure that they don't pose problems for your intended business. Hope this short answer helps. It is vague and you should discuss the particulars of your transaction and the property with an attorney to ensure you have all your bases covered