In Illinois, business owners explore the real estate market to find the most suitable property for their company. Their assessment begins with a consultation with their respective attorney. When the business has partners, it is necessary to ensure that all parties are in agreement about these choices. The following are the details about acquiring the right property through commercial real estate attorneys in Chicago.
Acquiring an Official Appraisal for the Property
The first step is to acquire an official appraisal for the proposed property. The appraisal designates the true market value of the property in question. It provides all parties with a realistic look at the value of the property. It also helps lenders determine if the property is worth the selling price and helps investors make sound choices.
Creating and Reviewing the Sales Contract
The sales contract defines the terms of the sale. These terms could identify equipment that is included in the sale as well as other fixtures that are located on the property. The contract also defines the buyer’s responsibilities and obligations, which may include the payment of closing costs as well as the required down payment.
Reviewing Financing Opportunities
The attorney helps the business owner review possible financing options when partners are included. They also present them with laws pertaining to the obligations of each partner. Attorneys can also review potential investors to ensure that they aren’t attempting to commit fraud.
Mitigating Common Risks
The attorney also helps to mitigate other risks associated with the purchase of the property. This includes a review of the property inspection and conditions that could lead to violations of building codes and OSHA regulations. They also acquire services to define the property lines and avoid any property-related disputes in the future.
In Illinois, business owners will need legal assistance during the acquisition of commercial properties. They need sound advice to prevent possible fraud and other risks that may arise during these transactions. The attorney can review the sales contract and financing options for these buyers as well. Business owners who need to consult with commercial real estate attorneys in Chicago can contact Starr Bejgiert Zink & Rowells today.
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