A commercial real estate closing begins in Georgia when the buyer and seller sign the final purchase and sale agreement.
Purchasing and selling commercial real estate is often a complex and lengthy process.
The purchase and sale agreement is the central document for the sale of commercial real property and one of the most important. It legally binds a seller and a potential buyer together with the common goal of completing a successful property transaction.
Hiring an experienced commercial real estate attorney early in the purchase and sale process (before drafting the purchase and sale agreement) is the best way to ensure that your closing will be handled as smoothly and professionally as possible.
Let Tetreault & Associates assist you with your next commercial purchase and sale agreement.
Terms of a Georgia Commercial Purchase and Sale Agreement
Typically, the seller of the property will prepare the agreement and will include the following terms:
- Sale price
- Earnest money
- Financing and deposit conditions
- Condition of the property itself
- Brokerage engagement
- Default information, and
- Closing date.
Additional negotiated terms not included in the standard agreement may be set forth in a purchase agreement addendum.
The buyer will look over the agreement with their broker and, in most cases, a commercial real estate attorney. The parties may negotiate the terms and conditions in the agreement before signing it.
Georgia Due Diligence Period
Most purchase and sale contracts provide for a specific due diligence period, which begins once a seller agrees to the purchase offer. In Georgia, it has become customary over the years to include an all-encompassing due diligence period commonly lasting ten (10) to fourteen (14) days.
Buyers are advised to use this period to inspect every component of the purchase transaction, as objections raised later could result in forfeiture of earnest money. There should be mutual consent from both the buyer and the seller for an extension.
Hire a Skilled Closing Lawyer
With the proper assistance, buying commercial property can be fairly simple. A skilled closing attorney will protect your rights and settle any disputes that may arise. If you have any questions leading up to the purchase and sale of commercial real estate in Georgia, please contact our law firm at (912) 355-9109 or go online.