In view of the current market forces, we recommend to our clients that are selling commercial property to secure contracts that are protective of sellers. Here are some key terms that should be secured in a purchase and sale agreement:
- Limit the amount of time used for due diligence and upon the expiration of that period have deposit money passed-through to the seller;
- Minimize the representations and warranties;
- Add a lengthy “as-is” clause with a release of claims concerning the condition of the property;
- Place a time and amount limit on post-closing claims.
Contact the offices of Transact Law, P.C. for further information on protecting your interests as a seller.