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When a business grows its need for physical space grows. It may makes sense to stop leasing and look into purchasing real estate to move into or build a suitable home for the business. Before you make this decision, it is a good idea to have a discussion with your Private Corporate Counsel about the options. Your Private Corporate Counsel can help you analyze the lease vs. ownership options and help you make and informed decision. Once a decision is made to purchase a property, the following issues should be addressed, at a minimum:
- Negotiate Terms with a Broker
- Negotiate Terms with the Seller
- Due Diligence Time and Scope
- Down Payment
- Seller Financing Option, if Appropriate
- Seller’s Concessions
- Permitting Issues
- Zoning Issues
- Easement Issues
- Covenant Issues
- Financing Issues
- Phase I Inspection and Report
- Phase II Inspection and Report
- Survey Issues
- Wetland Issues
- Conservation Issues
- Valuation Issues
- Ingress and Egress Issues
- Access to Roadways
- Access to Water and Sewer Systems
- Dispute Resolution Terms
In addition to negotiating the important terms and addressing the important issues of the deal, Private Corporate Counsel can represent your business at the closing, and provide closing and title insurance services.
Real Estate Sales
Many of the same issues arise when a business is selling real estate, but from the seller’s point of view. Since Private Corporate Counsel’s real estate lawyers have experience representing both seller and buyers, we are able to help businesses with the same strength of knowledge, skill and experience we bring to the buyer’s table.
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