(September 11, 2023) Bray & Long has a substantial commercial real estate practice and represents large and small developers and investors in transactions of all shapes and sizes.
Commercial real estate is an entirely different creature than residential real estate and this often comes as a surprise to first-time purchasers.
Commercial real estate transactions are typically more complex than those involving residential real estate. Among other reasons (see below!) commercial properties are more expensive, have more moving parts, and are subject to different regulations.
Generally speaking, the following are all true relative to the commercial real estate transactions handled by Bray & Long:
- The size and value of the property is generally larger than most single-family home sales.
- Commercial real estate transactions typically involve multiple parties, such as the buyer, seller, landlord, tenant, lender, and title company – which makes the closing process more complex and time-consuming.
- Where leases are involved, this adds another level of work beyond simply arranging for the transfer of title.
- The types of financing involved in a commercial real estate deal often involve private equity in addition to traditional bank financing, thus requiring more specialized knowledge by the closing attorney.
- Because they involve some type of business or commercial activity, commercial real estate transactions are subject to more regulations than residential real estate transactions.
As a result of these factors, commercial real estate transactions typically require more due diligence, negotiation, and documentation than residential real estate transactions.
However, despite the higher level of complexity associated with these types of deals, the lawyers at Bray & Long are efficient and cost-effective in assisting clients in the area of commercial real estate.
Don’t try and manage a commercial real estate process on your own! Contact us today to discuss your current project and we will be sure to point you in the right direction as to next steps and the most direct path towards a smooth and successful closing.