“Purchase and Sale of Commercial Real Property (FL)” – Practical Guidance
There are many issues to consider when buying or selling commercial real estate (CRE) in Florida. The considerations that buyers and sellers face are sometimes different and these issues may differ by asset class as well. This practice note focuses on general considerations for CRE transactions while noting some specific instances that may arise in different asset classes. While this note differentiates the considerations of the buyer and the seller, it is not possible to identify every situation that can arise in a CRE transaction.
No two transactions are alike and new issues confront real estate professionals every day. This note looks at a CRE transaction sequentially from inception through closing and can serve as a guide to help parties involved in a deal think about the road ahead.
Topics discussed include:
- Understanding the purpose of the sale
- Determining how the proceeds of the sale will be used
- Engaging a commercial broker for both buyers and sellers
- Creating the due diligence package for potential buyers
- Drafting a non-disclosure agreement (NDA)
- Identifying the preferred type of property (and development vs. operating project)
- Appreciating the dealmaking process from contract to closing (considerations for both buyers and sellers)
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