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My real estate broker has prepared a standard contract for the sale of my commercial property, so why do I need to hire a lawyer?
Posted in Real Estate

In the latest Louisville Business First Legal Forum Column, BGD partner Tandy C. Patrick discussed why hiring a lawyer when signing purchase contracts is a wise idea. Read her advice below and don’t miss our monthly legal forum column in Louisville Business First.

Topic
My real estate broker has prepared a standard contract for the sale of my commercial property, so why do I need to hire a lawyer?

Advice
Signing a purchase contact is a big step, since Seller is taking the real estate off the market as long as the contract is in effect. Buyers often request contingencies for financing, rezoning, obtaining commercial approvals, appraisals, feasibility, title, survey, and environmental exams that may be “open-ended,” leaving Seller stuck in limbo for months (or even years).

The purchase contract should require Buyer to proceed diligently to satisfy contingencies within specified time periods, and Buyer should also be required to pay meaningful cash deposit(s) to keep the contract in effect. The contract also needs to be customized to address details such as existing restrictions, outstanding tenant leases, environmental matters, and limitations on Seller’s duties, representations and warranties. A lawyer will likely be better suited to handle the complexities surrounding the contract negotiations.


To learn more about Tandy C. Patrick and her practice, please visit her profile.

To view the latest Legal Form Column, please click here.

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