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Avoid these mistakes in your purchase agreement

On Behalf of | Jul 17, 2023 | Real Estate Transactions |

Have you been burned in a commercial real estate transaction? If so, then you might be hesitant to move forward with another deal.

While that’s understandable, you can alleviate your concerns by ensuring that your legal actions, including the negotiation of and execution of a purchase agreement, are solid and completed in a favorable fashion.

When it comes to some of those key legal documents, you’ll want to make sure you avoid some common mistakes that can quickly derail your deal or leave you in a less-than-favorable position.

Mistakes to avoid in your purchase agreement

There are a lot of mistakes that can be made in a purchase agreement. Here are some of the biggest that you’ll want to avoid:

  • Using form documents that aren’t tailored to your unique set of circumstances and that fail to address your specific concerns.
  • Assuming that items located on the premises are included in the purchase agreement without direct mention of them.
  • Thinking that you can forego extensive due diligence in order to save yourself time and money, as doing so may just leave you with financial woes later on.
  • Failing to ensure compliance with loan commitment requirements, which could delay the closing of the deal and lead to more costs than you intended.
  • Neglecting to specify remedies in the event of a breach of contract.

Of course, other mistakes can be made when buying or selling commercial real estate, which is why you must understand how to competently navigate the process in a way that fully protects your interests.

Are you ready to move forward with your commercial real estate deal?

If you’re ready to move forward with a commercial real estate transaction, then you might want to ensure that you’re surrounding yourself with the guidance and support that you need.

We encourage you to continue learning as much as you can about this process and what you can do to insulate yourself from some of the missteps that so often derail these transactions.