Think of a commercial real estate deal like constructing a new building. You wouldn’t start without a detailed, professionally drafted blueprint, and your property transaction is no different. That blueprint is the commercial property purchase agreement. It’s the master plan that dictates every term, from the price and payment schedule to the responsibilities of everyone involved. A vague or incomplete agreement is like a flawed blueprint—it puts the entire project at risk. To ensure your investment is secure and the process is smooth, you need a contract that is precise, comprehensive, and tailored to your specific deal in Orlando.

Key Takeaways

The Purchase Agreement is Your Single Source of Truth: If a promise isn’t written into the contract—from the final price to agreed-upon repairs—it isn’t legally enforceable. This document is the definitive rulebook for the entire transaction, protecting you from misunderstandings.
Leverage Due Diligence and Contingencies: Your inspection, financing, and zoning contingencies are your legal exit ramps. Use this critical period to investigate every detail of the property, giving you the power to renegotiate terms or walk away with your deposit if you uncover significant issues.
Prioritize Legal Expertise Over Generic Templates: A one-size-fits-all contract can’t protect you from the unique risks of a commercial deal. An experienced real estate attorney ensures your agreement is tailored to the property and Florida law, preventing costly mistakes caused by vague language or missing clauses.

What Is a Commercial Property Purchase Agreement?

When you decide to buy or sell a commercial property, the transaction hinges on one critical document: the purchase agreement. This isn’t just another piece of paperwork; it’s the legally binding contract that governs the entire deal. Understanding its purpose is the first step toward a smooth and secure transaction.

What It Is and Why It Matters

A commercial property purchase agreement is the official contract that lays out the terms for selling a business property. Think of it as the master blueprint for the transaction, detailing everything from the price to the closing date. It’s a critical legal tool that protects everyone by ensuring all parties are on the same page. Without a clear agreement, you risk misunderstandings and legal issues. Proper real estate law expertise is essential to get it right.

Who’s Involved in the Agreement

The agreement always starts by clearly identifying the buyer and the seller. The process begins when the buyer submits a formal offer with their proposed terms. This document only becomes a legally binding contract once the seller formally accepts the offer by signing it. Our team of real estate agents can help you prepare a strong offer or evaluate one you’ve received, ensuring your interests are represented from the start.

What Properties Does It Cover?

A commercial purchase agreement covers a wide range of properties beyond just office buildings and retail storefronts. It includes multi-family apartment buildings (more than four units), hotels, industrial facilities, and even undeveloped land. Essentially, if the property is used for business, this is the contract you’ll need. You can see a variety of commercial properties on our MLS listings page to get a better idea of what’s available in Orlando.

When to Use a Purchase Agreement

So, when does this document come into play? A commercial purchase agreement is drafted after the buyer and seller have reached a verbal understanding on the core terms, especially the price. It’s the crucial step that transforms a handshake deal into a formal, written commitment. This agreement provides the legal framework for due diligence, financing, and closing when you buy a property, ensuring the deal proceeds with clarity.

Key Components of Your Purchase Agreement

Think of a commercial property purchase agreement as the detailed blueprint for your transaction. It’s a legally binding contract that lays out every term, condition, and responsibility for both the buyer and the seller. Getting these details right from the start is the best way to ensure a smooth process and protect your investment. While it might seem like a lot of legal jargon, each component serves a critical purpose.

When you’re dealing with a significant asset like commercial real estate, there’s no room for ambiguity. A well-drafted agreement leaves nothing to chance, covering everything from the price to what happens if the deal hits a snag. Having an attorney-agent by your side means you have an expert who can translate the legal language and ensure the terms are in your favor. Let’s walk through the essential parts of a purchase agreement so you know exactly what to look for.

Purchase Price and Payment Details

This is the most straightforward part of the agreement, but it needs to be crystal clear. This section explicitly states the final price you and the seller have agreed upon for the property. It also outlines exactly how you’ll be paying. Will it be an all-cash offer, or will you be securing financing through a lender?

The agreement will specify the timeline for payments, including the initial deposit and the final amount due at closing. If you’re financing the purchase, the contract will likely include details about the loan type and the lender. Precision here is key to avoiding any confusion or disputes down the road when it’s time to buy a property.

Property Description and What’s Included

You can’t buy a property if the contract doesn’t specify exactly what you’re buying. This section provides a detailed legal description of the real estate, going beyond just the street address. It will include the official parcel number and any other identifiers to ensure there’s no question about the property’s boundaries.

Equally important, this clause clarifies what is included in the sale. For commercial properties, this can mean permanent fixtures, appliances, or even specific equipment essential to the business. If you expect certain items to be part of the deal, they must be listed here. A thorough description prevents sellers from removing items you thought were part of your purchase.

The Due Diligence Period

This is your official investigation window and one of the most important protections for a buyer. The due diligence period gives you a set amount of time—typically 30 to 90 days—to thoroughly inspect the property and review all related documents. During this phase, you can conduct physical inspections, perform an environmental assessment, verify zoning, and review the property’s financial records.

This is your chance to uncover any hidden issues before you’re legally bound to close. If you find something concerning, you can often renegotiate the terms or walk away from the deal without penalty. Our real estate law services are invaluable during this period, helping you identify potential risks and understand your options.

Earnest Money Deposit

An earnest money deposit is a “good faith” payment you make to show the seller you’re serious about buying the property. It essentially makes the contract valid and takes the property off the market. This deposit is typically between 2% and 5% of the total purchase price and is held in an escrow account until closing.

If the deal goes through as planned, the earnest money is applied toward your down payment or closing costs. However, if you back out of the deal for a reason not covered by a contingency in your contract, you risk forfeiting this deposit to the seller. It’s a way of showing you have skin in the game from the very beginning.

Setting the Closing Date

The closing date is the big day—it’s when the property officially becomes yours. This date is negotiated between the buyer and seller and is formally written into the purchase agreement. On this day, you’ll sign the final paperwork, the seller will receive their payment, and the title of the property will be transferred to your name.

Choosing a realistic closing date is important, as it needs to allow enough time for due diligence, loan approval, and any other necessary steps. While it can sometimes be adjusted if both parties agree, setting a firm date helps keep the transaction on a clear and predictable timeline for everyone involved in the selling process.

Title Insurance and Property Warranties

A clean title is essential for any real estate transaction. Title insurance protects you from financial loss due to defects in the property’s title, such as outstanding liens, back taxes, or competing claims of ownership from the past. The seller usually pays for the owner’s title insurance policy, but it’s crucial to ensure you are covered. It’s a one-time fee that protects your investment for as long as you own the property.

Additionally, the agreement may include property warranties from the seller. These are promises about the condition of the property, such as confirming that the HVAC system is in working order. Having these warranties in writing provides an extra layer of security.

What Happens in a Default

While everyone hopes for a smooth transaction, it’s important to plan for the unexpected. The default clause outlines the consequences if either the buyer or the seller fails to meet their contractual obligations. For example, if the buyer backs out without a valid reason, they may lose their earnest money deposit.

If the seller defaults—perhaps by refusing to make agreed-upon repairs or deciding not to sell—the buyer may be entitled to sue for damages or for “specific performance,” which could legally compel the seller to complete the sale. This section provides a clear legal path forward if things don’t go as planned, highlighting why expert legal counsel is so important.

Critical Contingencies You Need to Know

Think of contingencies as your safety nets in a commercial real estate transaction. These are specific conditions written into your purchase agreement that must be met for the deal to move forward. If a contingency isn’t satisfied, you typically have the right to walk away from the purchase with your earnest money deposit in hand. Without them, you could be locked into a deal that’s financially or legally unworkable.

These clauses are your opportunity to perform thorough due diligence and protect your investment. They cover everything from securing a loan to ensuring the property is structurally sound and legally zoned for your business needs. Each contingency gives you a window of time to investigate a specific aspect of the property. Our team of real estate attorneys helps you draft and negotiate these clauses to ensure your interests are fully protected, giving you the confidence to proceed with the purchase.

Financing Contingency

This is one of the most common and critical contingencies for any buyer. A financing contingency states that your offer is dependent on being able to secure a loan for the property. If, for any reason, your financing falls through within a specified timeframe, this clause allows you to cancel the contract without penalty and get your earnest money back. It’s a crucial protection that prevents you from being legally obligated to buy a property you can no longer afford, safeguarding you from a significant financial loss.

Property Inspection Contingency

A property inspection contingency gives you the right to have the property professionally inspected. If the inspection uncovers significant issues—like structural damage, a faulty HVAC system, or plumbing problems—you have several options. You can ask the seller to make repairs, request a credit to cover the cost of repairs, or, if the problems are too severe, you can walk away from the deal entirely. This clause ensures you know exactly what you’re buying and aren’t surprised by expensive, hidden problems after closing. It’s a powerful tool for negotiation and risk management.

Environmental Assessment Clause

For commercial properties, especially those with a history of industrial use, an environmental assessment is essential. This clause allows you to hire a professional to conduct tests for hazardous materials like asbestos, lead paint, or soil contamination. Discovering environmental issues after the purchase can lead to massive cleanup costs and legal liabilities. This contingency protects you by giving you the chance to identify and address these risks beforehand. If significant contamination is found, you can negotiate remediation with the seller or terminate the agreement, protecting both your investment and your legal standing.

Zoning and Land Use Verification

You might have found the perfect building, but if you can’t legally run your business there, it’s a useless investment. A zoning and land use contingency allows you time to verify with the local municipality that the property is zoned for your intended purpose. Whether you plan to open a retail store, a restaurant, or a manufacturing facility, this clause ensures your business plans align with local regulations. It helps you avoid future legal headaches and the costly mistake of buying a property you can’t use as planned, making it a key part of your business law due diligence.

Title Review Contingency

A clean title is essential for a clear transfer of ownership. A title review contingency gives you and your attorney the opportunity to examine the property’s title report for any issues. These could include outstanding liens from contractors, unresolved legal judgments against the property, or ownership claims from other parties. This review ensures that the seller has the legal right to sell the property and that you will receive a clear and undisputed title at closing. Identifying and resolving these issues before the purchase is final is a fundamental part of our real estate law services.

Reviewing Existing Leases

If you’re buying a commercial property with current tenants, you’re not just acquiring a building—you’re also inheriting their leases. This contingency gives you the right to review all existing lease agreements. You need to understand the terms, including rent amounts, lease durations, renewal options, and any specific obligations the landlord has to the tenants. This information directly impacts the property’s cash flow and your responsibilities as the new owner. A thorough review helps you accurately assess the property’s value and ensures there are no surprises after you take over.

Planning Your Exit Strategy

While it may seem strange to plan your exit before you even buy, it’s a smart move for any investor. This isn’t a formal contingency clause in the same way as an inspection, but it’s a critical part of your personal due diligence. You should consider your long-term goals for the property. Do you plan to sell it after a few years? Lease it out for passive income? Understanding your exit strategy from the beginning helps you make better decisions during the purchase process and ensures the property aligns with your financial objectives. Our team can help you think through these long-term strategic considerations.

Meeting Legal and Compliance Standards

Buying a commercial property involves more than just agreeing on a price. It’s a complex legal transaction that requires careful attention to detail to ensure everything is above board. From state-specific regulations to environmental checks, meeting all legal and compliance standards is non-negotiable. This process protects you from future liabilities and ensures you’re making a sound investment. Think of it as building a solid legal foundation for your new property, one that will support your business for years to come. Let’s walk through the essential legal checkpoints you’ll need to clear.

Florida’s Real Estate Regulations

Every state has its own rules, and Florida is no exception. The state’s real estate transactions are governed by specific laws designed to protect both buyers and sellers from common pitfalls. Understanding these regulations is the first step in a compliant purchase. These rules cover everything from how contracts must be written to what information must be disclosed. Navigating this landscape requires a firm grasp of Florida’s real estate law to ensure your purchase agreement is not only valid but also fully protects your interests. Getting this right from the start prevents legal headaches down the road.

Making Required Disclosures

Sellers have a legal obligation to be transparent about the property’s condition. This means disclosing any known defects or issues, such as structural problems, past flooding, environmental hazards, or zoning violations. A seller who fails to disclose this information can face serious legal consequences long after the sale is complete. As a buyer, you need to ensure you receive a comprehensive disclosure statement and have your legal team review it carefully. This honesty is crucial for building trust and is a cornerstone of a fair and legally sound transaction when you sell a property.

The Title Search Process

Before you can truly own a property, you need to be sure the seller has the legal right to sell it. That’s where a title search comes in. This process is essentially a background check on the property’s ownership history. It confirms the seller’s legal ownership and uncovers any hidden issues, like outstanding liens from contractors, unpaid taxes, or other claims that could cloud the title. The goal is to ensure you receive a “clear title,” giving you undisputed ownership. This step is a fundamental part of the due diligence you’ll perform when you buy a property.

Conducting Environmental Assessments

For commercial properties, an environmental assessment is a critical step. You need to know if the land is contaminated from previous industrial or commercial use, as you could be held liable for cleanup costs. A Phase I Environmental Site Assessment (ESA) will investigate the property’s history to identify potential contamination risks. If any red flags appear, a more intensive Phase II assessment involving soil and water testing may be necessary. These assessments are vital for managing risk and ensuring the property complies with all environmental regulations, a key part of our comprehensive services.

Ensuring Zoning Compliance

Just because you’ve found the perfect building doesn’t mean you can run your business out of it. You must verify that the property is zoned for your specific intended use. Local zoning ordinances dictate what types of activities are permitted in certain areas—be it retail, industrial, or office space. An investment becomes a liability if you can’t operate your business as planned. Confirming zoning compliance is a crucial due diligence step that aligns the property with your strategic goals and is an important aspect of business law that can’t be overlooked.

How to Manage Risk

Managing risk in a commercial real estate deal is all about thorough preparation and due diligence. It’s the sum of all the parts we’ve discussed: understanding regulations, reviewing disclosures, clearing the title, and verifying compliance. Each step is a layer of protection for your investment. A well-drafted purchase agreement with the right contingencies gives you the ability to walk away if significant issues arise. By methodically addressing each legal and compliance standard, you minimize surprises and gain the confidence to move forward. Our transparent fee structure ensures you know exactly what to expect as we help you manage these risks.

Why Work With a Real Estate Attorney

While a real estate agent is essential for finding properties and negotiating prices, the legal complexities of a commercial transaction often demand more. A real estate attorney provides invaluable support in navigating contracts, interpreting regulations, and protecting your legal interests. They ensure that all documents are airtight and that every compliance standard is met. At Attorneys’ Realty, our agents are also licensed real estate attorneys, giving you the advantage of having both skill sets in one trusted professional. This integrated approach ensures your transaction is handled with the highest level of legal and market expertise.

How to Negotiate and Finalize the Deal

Once you have a solid purchase agreement draft, the next phase is all about negotiation and execution. This is where the details get ironed out and the deal moves toward the finish line. It can feel like a high-stakes process, but with careful preparation and the right guidance, you can handle it with confidence. The goal isn’t just to get a good price; it’s to secure a deal that works for you on all fronts, from contingencies to closing day logistics. Let’s walk through the key steps to successfully negotiate your commercial property purchase and see it through to the final signature.

Prepare for Negotiations

Successful negotiation starts long before you sit down at the table. It’s about understanding that a good outcome is one where both you and the seller feel satisfied. While the purchase price is a major focus, remember that you can also negotiate other terms, like the length of the due diligence period, repair credits, or the closing date. Before entering discussions, define your absolute must-haves and where you have some flexibility. Knowing your walk-away point is just as important as knowing your ideal price. This preparation gives you a clear framework and helps you stay focused on what truly matters for your investment.

Focus on Key Negotiation Points

Beyond the price, several key terms in the purchase agreement serve as critical negotiation points. Representations and warranties are especially important, as they act as a risk allocation tool between you and the seller. These are statements of fact about the property that, if untrue, can have legal consequences. You’ll also want to negotiate the specifics of your contingencies, ensuring you have enough time for inspections and securing financing. Our real estate attorneys are skilled at identifying and negotiating these points to protect your interests and minimize your exposure to future surprises.

Gather Necessary Documents

A smooth negotiation and closing depend on having all your documents in order. Before finalizing anything, you need to verify every detail, starting with the actual ownership of the property—it’s not uncommon for sellers to be mistaken about the exact legal ownership. You’ll also need to review financial records, existing tenant leases, service contracts, and property surveys. Compiling and reviewing these documents is a meticulous process. Having an attorney-agent on your side ensures that every piece of paper is properly scrutinized and that you have a complete and accurate picture of the asset you’re buying.

Conduct the Final Walk-Through

The final walk-through is your last chance to inspect the property before the deal closes. This isn’t the time for a detailed inspection but rather a final check to ensure the property is in the same condition it was when you agreed to buy it. You’ll confirm that all agreed-upon repairs have been completed and that no new issues have cropped up since your last visit. It’s an essential step to verify that you’re getting exactly what you bargained for. Be sure to schedule it as close to the closing date as possible, typically within 24 hours.

Understand the Closing Process

The closing, or settlement, is where the ownership of the property officially transfers from the seller to you. Commercial real estate closings are complex events involving a mountain of paperwork. You’ll be signing legal documents, the seller will be paid, and the title will be transferred into your name. Understanding this process is crucial to avoid any last-minute hitches that could jeopardize your purchase rights. An experienced real estate law professional can guide you through the closing statement, explain each document, and ensure the entire process adheres to Florida’s legal standards.

How Funds Are Transferred

Managing the flow of money is a critical part of any real estate transaction. Your earnest money deposit is typically held in an escrow account by a neutral third party, like a title company or a law firm. At closing, this deposit is applied toward your down payment and closing costs. The remaining funds, usually from your lender, are then wired to the escrow agent. The agent disburses the money to the seller and any other parties owed, such as brokers or attorneys. This structured process ensures that funds are transferred securely and that the seller doesn’t receive payment until the title is officially ready to be transferred to you.

Record the Deed

The final step after all the papers are signed and funds are transferred is to make your ownership official. The property deed, which is the legal document that transfers ownership, must be filed with the appropriate government office in the county where the property is located—in our area, that’s the county recorder. This process is known as “recording the deed.” Once recorded, the deed becomes part of the public record, providing official notice of your ownership. This protects you from future claims against the property and solidifies your legal standing as the new owner.

Get the Right Legal Support

A commercial property purchase agreement is a legally binding contract, and treating it as anything less can lead to serious complications. While a standard real estate agent plays a vital role, the legal nuances of commercial deals often demand a deeper level of expertise. Ensuring every clause protects your interests, complies with Florida law, and aligns with your long-term goals requires a sharp legal eye. This is where having the right professional support becomes not just an advantage, but a necessity for a secure and successful transaction.

The Advantage of Attorney-Agents

Working with a professional who is both a licensed real estate agent and a practicing attorney offers a streamlined and secure path through your transaction. These attorney-agents can manage the entire process, from finding the right property to handling the legal intricacies of the closing. Using a licensed real estate agent or attorney helps you manage the complexities of commercial transactions, ensuring that all legal requirements are met and that your interests are protected. This dual expertise eliminates the need to hire and coordinate between two separate professionals, reducing the risk of miscommunication and ensuring that both the business and legal aspects of your deal are perfectly aligned.

How We Protect Your Interests at Attorneys’ Realty

At Attorneys’ Realty, our entire model is built on providing this integrated expertise. An experienced attorney can offer critical insights into the terms of the purchase agreement, helping to identify potential pitfalls and ensuring your rights are safeguarded. Our unique approach means your agent is also your legal advocate. We meticulously review every document, negotiate terms with your financial and legal security in mind, and anticipate challenges before they become problems. We don’t just facilitate a sale; we provide comprehensive legal oversight to protect your investment from start to finish.

What to Look for in a Real Estate Law Firm

When you’re choosing legal representation for your property purchase, you need a firm that truly understands the landscape. As you evaluate your options, consider their specific experience in commercial transactions, their deep understanding of local Florida market conditions, and their ability to communicate clearly and effectively. Your legal team should be your trusted advisor, ready to explain complex terms in plain language and advocate for your best interests. Finding a real estate law firm that checks all these boxes is key to a smooth and confident closing process.

Common (and Costly) Mistakes to Avoid

A commercial property purchase agreement is a complex legal document, and a simple oversight can lead to significant financial and legal headaches. While the process can feel overwhelming, knowing what to watch out for is the first step toward a smooth and successful transaction. Many of the most expensive mistakes are also the most preventable, especially when you have the right expertise on your side.

Think of your purchase agreement as the blueprint for your entire deal. If the foundation is shaky, the whole structure is at risk. From rushing through inspections to relying on handshake deals, small missteps can easily spiral into major disputes. The good news is that you can protect your investment by being proactive and detail-oriented. Having an experienced real estate attorney in your corner ensures that every clause is scrutinized and every potential issue is addressed before you sign on the dotted line. Let’s walk through some of the most common mistakes we see buyers make and how you can steer clear of them.

Rushing Your Due Diligence

The due diligence period is your single best opportunity to investigate every aspect of the property. It’s tempting to speed through this phase to close the deal faster, but this is where costly surprises are often hiding. Buyers who fail to thoroughly investigate the property can find themselves dealing with unexpected structural problems, zoning violations, or environmental issues after the purchase is complete.

Take your time. This is when you’ll conduct physical inspections, review financial records, and verify that the property is suitable for your intended use. A comprehensive due diligence process gives you the leverage to renegotiate the price, ask the seller to make repairs, or walk away from the deal if you uncover a major problem. It’s a critical step in the buying process that protects you from future liabilities.

Relying on Generic Templates

Using a generic, fill-in-the-blank contract for a commercial real estate deal is a recipe for disaster. These templates often fail to address the unique details of your specific transaction, leaving dangerous ambiguities that can lead to legal disputes. Every commercial property is different, and your purchase agreement should reflect that. A one-size-fits-all approach simply doesn’t provide the protection you need.

Your agreement should be a customized document tailored to the property, the terms of the deal, and Florida’s specific legal requirements. A specialized contract ensures all parties are clear on their rights and responsibilities, from the exact assets included in the sale to the conditions that must be met before closing. This is a key area where professional real estate law expertise is invaluable.

Ignoring Existing Tenant Leases

If you’re buying a property with current tenants, you aren’t just acquiring a building—you’re inheriting their leases. A common mistake is failing to ask for and carefully review all existing lease agreements and amendments. You could unknowingly become responsible for unfavorable terms, such as caps on rent increases, unusual landlord obligations, or options to renew that don’t align with your plans for the property.

Before you commit, you need to understand the financial and legal implications of every lease. Are the tenants in good standing? Are there any pending disputes? Do the lease terms allow for the property improvements you want to make? A thorough review helps you identify potential conflicts and ensures the property’s income stream is as stable as it appears.

Forgetting Critical Clauses

A purchase agreement is only as strong as the clauses it contains. Leaving out a critical clause can expose you to significant risk. For example, what happens if the seller can’t deliver a clean title, or if the property appraisal comes in lower than the purchase price? Without specific clauses addressing these scenarios, you could lose your earnest money deposit or be forced into a deal that’s no longer financially viable.

Every detail matters, from confirming the legal ownership of the property to outlining the precise conditions for termination. A well-drafted agreement includes contingencies that protect your interests and provide a clear path forward if things don’t go as planned. This is why working with a professional who understands the nuances of contract law is so important.

Depending on Verbal Agreements

In the world of real estate, if it isn’t in writing, it didn’t happen. One of the most frequent mistakes is relying on verbal promises or handshake deals. A seller might promise to include certain equipment or make a specific repair, but if that promise isn’t documented in the purchase agreement, it’s generally not enforceable.

Memories fade and misunderstandings happen, which is why putting everything in writing is non-negotiable. Any and all terms, conditions, and promises discussed by you and the seller must be clearly written into the contract. This creates a legally binding record that protects both parties and prevents disputes arising from “he said, she said” disagreements down the line.

Accepting Vague Contract Language

Ambiguous contract terms are a breeding ground for conflict. Phrases like “reasonable condition” or “timely manner” can be interpreted in multiple ways, leading to confusion and disagreement. When the language is unclear, it’s difficult to enforce the terms of the agreement, and you may find yourself in a legal battle over what was actually intended.

Your purchase agreement should use clear, precise, and unambiguous language to define every obligation. Dates should be specific, conditions should be measurable, and responsibilities should be explicitly assigned. A real estate attorney can ensure the contract is written with the clarity needed to protect your interests and make sure everyone is on the same page, leaving no room for misinterpretation.

Not Planning for the Future

A successful purchase isn’t just about closing the deal—it’s about setting yourself up for long-term success. A common mistake is focusing so intently on the acquisition that you fail to plan for what comes next. For instance, if you want to acquire a property but lack a key piece of the puzzle, like zoning approval for your intended use, you risk losing your right to purchase or ending up with a property you can’t use.

Think beyond the closing date. Does the agreement give you a clear exit strategy if your due diligence uncovers a deal-breaker? Have you considered potential resale value or future development opportunities? Building flexibility and foresight into your negotiations and contract terms helps you prepare for potential challenges and ensures the property aligns with your future goals.

Get In Touch

Frequently Asked Questions

Why can’t I just use a standard contract template for my purchase? A generic template is a significant risk because it can’t account for the specific details of your property or the nuances of Florida law. These one-size-fits-all documents often contain vague language or miss critical clauses that protect you from liability. A commercial real estate transaction is a major investment, and your purchase agreement should be a custom document drafted by a professional to ensure every term is clear, enforceable, and tailored to your unique situation.

What happens if I find a major issue during the inspection? This is exactly why the inspection contingency is so important. If your professional inspection uncovers a significant problem, you don’t have to be locked into the deal. You typically have a few options: you can ask the seller to make the necessary repairs, negotiate a lower price or a credit to cover the repair costs, or if the issue is a deal-breaker, you can walk away from the purchase and get your earnest money deposit back.

Is my earnest money deposit refundable if the deal falls through? Your earnest money is protected by the contingencies in your purchase agreement. If you have to back out of the deal for a reason covered by a contingency—such as being unable to secure financing, discovering a major defect during inspection, or finding an issue with the property’s title—you are entitled to a full refund of your deposit. However, if you cancel the contract for a reason not covered by a contingency, you risk forfeiting the deposit to the seller.

My agent seems great. Do I really need a real estate attorney, too? While a great agent is essential for finding properties and understanding the market, a real estate attorney focuses on protecting your legal and financial interests. They review contracts for loopholes, ensure compliance with all regulations, and manage the complex legal paperwork. At our firm, we combine these roles. Our attorney-agents provide both market expertise and legal oversight, giving you a streamlined process where your advocate for the best price is also your legal shield.

Besides the price, what other terms are most important to negotiate? The purchase price gets the most attention, but other terms are just as crucial for protecting your investment. You should focus on negotiating a sufficient due diligence period to give you ample time for inspections. The seller’s warranties about the property’s condition and the specific details of what happens in a default are also key negotiation points. Securing these favorable terms can save you from significant headaches and expenses later on.

Essential Components of a Commercial Property Purchase Agreement