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Purchasing and selling commercial real estate in Florida is often a complex and lengthy process because each transaction depends on many different factors. These factors are including but not limited to, state, county, and local laws, industry-specific considerations, market trends, the purchaser’s intention, the method of financing, and the timing of the closing.
In this article, you will be able to understand the overview of a commercial real estate purchase and sell process.
Preliminary Considerations
Brokers typically prepare marketing materials for the property. These materials often influence the sale price and other key financial terms.
Letter of Intent (LOI) typically acts as a basis for further negotiation and does not bind the parties to close the sale of the property.
Purchase and Sale Agreement
A real estate purchase and sale agreement is a hybrid between state laws governing contracts and those governing real estate. Every provision is up for negotiation. The purpose of a purchase and sale agreement is to specify each party’s rights, obligations, and liabilities; it details the steps of the process; and defines the property is being conveyed.
Title and Survey Matters
In Florida, title searches are typically prepared by title companies. The title company or title agent typically issues a commitment for title based on the results of the title search.
Closing Documents
Closing documents including but not limited to, deed, bill of sale, an assignment of contract rights, a certificate that no tax is to be withheld under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), closing statement, transfer taxes, and real estate taxes.
Closing
In Florida, closings for commercial transactions are typically escrow closings. In an escrow closing, the escrow agent holds all of the original closing documents and funds pending the closing. If it is not an escrow closing, it will be a sit-down closing.
Post-Closing
Sometimes parties’ obligations do not end with the closing. There might be some other steps that should be followed after closing such as, ensuring that all required notices to tenants and service contract providers are delivered promptly following the closing, ensuring the filing and recording in the county recording office of all original documents requiring recordation.
If you’re planning to purchase commercial real estate in Florida, give us a call @ 305-728-5331 to set up your consultation with our team.
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