If you are considering investing in real estate property for commercial purpose, it is better to consult a legal practitioner from the beginning. Georgia commercial real estate laws are a complex web, and you would need someone who has in-depth knowledge regarding it. Only a real estate attorney can take care of the legal aspect of such a huge investment.
Suppose you have already found the right property in Atlanta and want to buy it. You inspect it on your own and have professionals assess it as well. It fits your requirements and budget perfectly and you want to seal the deal. Next is the task of creating the purchase agreement. Preparing and drafting this requires competent legal guidance.
A legal professional with proper understanding of the state laws and their implications would know exactly what to put in the contract. However, here are a few terms that are essential in all real estate purchase contracts.
Names of the parties involved in the transaction
Exact description of the property and any other assets included in the purchase
Purchase price as well as mode, method and time of payment
Title abstract and insurance related details
Allocation of property taxes and utility bills
Closing date and delivery of possession
Zoning and other relevant issues
Apart from these, it is important to include one other detail – what happens in case there is a breach of any agreement term by any of the involved parties. In case of such an incident, it is better to know what you can do to remedy the situation lawfully. Foreseeing problems and preparing solutions can come in handy when the need for it arises.
Creating a concrete and complete purchase contract can help you avoid unnecessary hassles later. It helps you prevent disputes and expensive litigation. However, if there is a legal dispute concerning the interpretation of the terms of the agreement, you may have to avail help from your Atlanta real estate attorney to work on your case.
By now, you must have a clear idea about the importance of legal counsel in dealing with such matters. Most businesses retain in-house attorneys to handle the drafting of such contracts. However, you may have to opt for a specialist in litigation if there is a dispute regarding the terms and conditions of a commercial real estate purchase agreement.
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