Working on a real estate transaction? Don’t forget the documents!

Company NewsDeals & Transactions

By Pat Thompson, Vice President, NAI Michael

Working on a real estate transaction?  Don’t forget the documents.  While there are many aspects to bringing a deal to a successful conclusion, the use and understanding of many documents is necessary along the way.  The use of written documents is not only practical, but is required by law, in order to ensure that transactions in real estate are enforceable.

There are three important documents that are regularly used that come to mind:  listing agreements; contracts of sale; and lease agreements.  Each can come in different initial forms and are often subject to substantial changes before they reach their final form.  Whether generated by our office or produced by others, their importance cannot be underestimated.

What do these documents tell you?  Almost everything, if they are properly prepared.

They are the roadmaps by which a transaction is guided to completion.

Preparation and/or review of these documents will likely involve the participation of attorneys representing their respective clients.  Does that mean that the real estate agent steps aside and is no longer involved?  I don’t believe so.  If you negotiated the terms of the transaction, make sure they are accurately described and that each party’s rights and responsibilities in meeting these terms are clearly set forth.

This means that the real estate agent should have a good understanding of how these documents work and what their provisions mean.  It is well worth any extra time it may take to negotiate and properly prepare them.  In most cases, this preparation enables the entire transaction to go smoother, while avoiding misunderstandings that may be time-consuming and expensive to resolve later.  Remember, in the unfortunate instance of litigation, these documents will speak for themselves.

Business owners & decision makers look to take advantage of market to save on lease rates

Market Insight

By Andy Mayr, Senior Vice President, NAI Michael

It’s that time again!  You have 1, 3 or 6 months to decide whether you should do one or more of the following options:

  • renew your lease where you are
  • relocate the entire business operations to a more well-suited space/building
  • renew and expand at your current lease
  • consider purchasing instead of leasing
  • down-sizing to a smaller space
  • search the market for a better deal
  • open an secondary business location
  • sell your property and lease space instead

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Government Real Estate Specialists

Company News

The U.S. Government, through the General Services Administration, leases over 170 million square feet of commercial space in the United States. This staggering number makes them the largest single user of space in the country, and in case you havn’t heard, the government is growing. Over 64 million square feet of this space is located In DC, Maryalnd and Virginia. With such a giant presence in our region, any property owners not seeking government leases is frankly missing out.

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