If you are buying or selling commercial property, you will need an experienced commercial real estate attorney to guide you through the closing process. At The Suttles Law Firm, we assist owners, buyers, sellers, and developers with commercial real estate closings on properties in or near Summerville and Charleston, including:
Our professional staff is with you from the initial structuring and documentation, including the purchase agreement or the loan commitment, until the releases are recorded, and the title insurance policy is issued. We work closely with all allied professionals, including surveyors, environmental consultants, tax advisors, and others involved in the due diligence and evaluation process to ensure that all prerequisites are satisfied and that your commercial closing proceeds smoothly and on time. Overall, we can provide you with the counsel you need to complete commercial real estate transactions, including:
Some services are similar regardless of whether the property is residential or commercial. For example, much like residential real estate closings, we provide the following commercial real estate closing services, including:
Commercial real estate transactions in South Carolina present additional challenges and issues for which you need a lawyer that understands the differences between commercial vs. residential real estate matters, including:
Commercial Property Contracts –
Residential real estate transactions typically involve standard purchase agreements. Commercial transactions oftentimes involve custom contracts that are much more comprehensive and complicated than standard purchase agreements.
Commercial Property Zoning Issues –
Unlike residential real estate, if you are buying commercial property, then you need to be sure that the zoning is appropriate for your intended use.
Commercial Property Easements and Rights of Way –
Oftentimes, commercial properties contain easements and rights of way that may significantly impact your plans for the property.
Commercial Property Environmental Issues –
Commercial properties may present remediation issues and contain environmental hazards such as buried fuel tanks, asbestos, lead, and other toxic materials that can be costly to remove.
Commercial Property Tax Treatment –
With commercial property, you may be able to take advantage of tax-friendly transactions such as 1031 tax-deferred exchanges.
At The Suttles Law Firm, we understand that the purchase and the sale of commercial property involves more risks and legal subtleties than buying or selling a home. Negotiating a purchase price along with focusing on all of the many details that are involved in closing a commercial real estate deal can be very complex. We will help you negotiate important terms such as who bears the risk of delivering a title free from encroachments, the types of warranties needed to protect against hidden environmental issues, and how to address any structural problems that emerge after the closing.
Because the details of commercial property are of such great importance to businesses, there will be an intense period of research and preparation before any deal closes. For example, if you are purchasing commercial property, we vet the property to ensure that every detail meets your needs and expectations. In any event, closing on a piece of commercial property can take a long time and cost you a considerable amount of money and resources. If a party backs out or a deal-breaking detail is discovered, time and money may be wasted.
If you are involved in a commercial real estate transaction in Summerville or Charleston, contact us to learn how we can help you with your commercial real estate needs.
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