Drafting a Commercial Purchase and Sale Agreement in Fort Lauderdale

Commercial purchase and sale agreements are the sole instruments whereby the ownership of commercial real estate may change hands. These are contracts in the eyes of the law that bind both parties to their obligations in the written document. As a result, parties looking to buy or sell commercial land must take proper precautions to protect their interests and obtain the full benefit of their bargain.

Hiring an accomplished real estate attorney to take the lead in drafting a commercial purchase and sale agreement in Fort Lauderdale could help your company to protect its interests. This includes identifying the key areas of dispute in a possible agreement, negotiating the terms that make it into a final contract, and drafting that contract in a way that conforms to all relevant state laws.

Real estate transactions are among the most complex legal issues that will arise during many peoples’ lifetimes. They can involve immense amounts of money and represent a significant portion of a party’s net worth. Because of this, it is essential to ensure that these transactions occur according to an individual’s wishes and that they comply with the appropriate legal standards.

Potential Challenges During the Formation of a Commercial Purchase and Sale Agreement

Many disagreements can arise during the negotiation of a purchase and sale agreement for commercial land in Fort Lauderdale. For example, a seller may purport to have the absolute right to sell land through a general warranty deed. However, research into that claim may reveal that the ownership of the land is not entirely clear. Similarly, third parties may claim a right of easement over the property that will transfer with ownership. Negotiating for a current owner to clear up any potential encumbrances on land is often a major area of concern in the drafting of these agreements.

Other common issues that can arise during the negotiation of these agreements include:

  • Sale price
  • Date of transfer
  • Payment of closing costs
  • Transfer of fixtures of other assets connected to the land

Having a seasoned attorney take the lead during the negotiation of these contracts can help to ensure that a client’s wishes transfer onto the final purchase/sale agreement.

Laws Governing Fort Lauderdale Purchase and Sale Agreements

 For the most part, parties engaged in contracts are free to include whatever provisions they want into their contracts. Courts will rarely intercede if a party alleges that a contract is unfair. For this reason, it is critical to know your own rights concerning these contracts and the ways in which other state laws may interact with the transfer of property.

A key provision that applies to commercial contracts is the idea of “buyer beware”. The case of Wasser v. Sasoni, 652 So.2d 411 (1995) reinforces the idea that there is no duty on the part of sellers to disclose known defects in the land like there is in residential real estate contracts. As a result, buyers attempting to bring a lawsuit to court alleging this failure to disclose are unlikely to find success. Consulting with a Fort Lauderdale lawyer prior to drafting a commercial purchase and sale agreement could help address this and similar issues that may impact your future enjoyment of property.

Call a Fort Lauderdale Attorney for Help Drafting a Commercial Purchase and Sale Agreement

Effective drafting of purchase and sale agreements begins long before a pen goes to paper. Approaching the negotiating table from a position of strength can allow for the formation of contracts that are both clear and in your favor.

In addition, understanding the state law that controls many aspects of these contracts can help you avoid legal confusion and entanglements in the future. Reach out to our team now to learn how we can support your position during the drafting of commercial purchase/sale agreements in Fort Lauderdale.