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Selling Commercial Property in Ohio? Talk to Established Real Estate Attorneys

On Behalf of | Jun 20, 2024 | Firm News

In Ohio, the commercial real estate market continues to evolve. There is a recent trend toward diversification of property types. Investors and developers show increased interest in various commercial properties, including office buildings, retail spaces, and industrial facilities. The focus is not just on the sale price but also the long-term value and return on investment.

At Neiman Law, our legal team helps clients with critical legal considerations, such as:

  • Due diligence: Rigorous property analysis and legal scrutiny are vital to uncover any potential risks or liabilities associated with the property.
  • Zoning and compliance: Each property type must comply with local zoning laws, which can significantly affect usage and redevelopment plans.
  • Contract negotiations: Tailored agreements are essential to address all parties’ specific needs and obligations.
  • Closing process: Detailed attention to the closing costs and the documents associated with the transaction ensures a smooth transfer of ownership.

Our commercial real estate attorneys will assist you with identifying and mitigating risks. We address environmental compliance, liens, taxes, title insurance and more. We can negotiate the purchase terms and manage leases and contracts for various commercial property types until the sale is complete.

Experienced Insight For Commercial Real Estate Sales In Ohio

Our lawyers will guide you through the process every step of the way:

  • Establish a selling price: Setting the right price for commercial real estate involves multiple factors, including any existing liens, the property’s value, and, if applicable, the value of the business operating within.
  • Purchase agreement: After agreeing on terms, both seller and purchaser should execute a purchase agreement that clearly outlines all terms and obligations necessary for a smooth closing. Each party should have their commercial real estate attorney prepare and review this agreement to ensure the property title is clear and includes all necessary disclosures of significant defects. Commonly required documents include deeds, assignments of rights, and disclosure statements. The buyer frequently wants access to the property before finalizing the sale.
  • Property inspection and appraisal: The purchase agreement typically outlines steps the buyer may need to fulfill to secure financing. These may include conducting property inspections and appraisals. The seller should accommodate these requirements and deadlines to move the sale forward promptly.
  • Signing: At closing, the seller must sign various documents, including the deed and closing statement. Sellers can have their attorneys review these documents to understand their rights and commitments fully.
  • Existing liens: While a closing agent often facilitates the payment of liens, the seller must be sure the selling price covers all liens and additional fees. This may include payments to real estate agents, closing agents, and attorneys.
  • Releasing the property: Upon completion of the sale and receipt of payment, the seller transfers the property to the buyer. This may include handing over keys, security codes, and other essential information so that the purchaser can assume full use of the property.

Our attorneys at Neiman Law aim safeguard your best interests not just on the sale price but also on the long-term value and return on your investment.

Maximize Investment Returns And Achieve Strategic Business Objectives

Are you selling commercial real estate in Ohio? Getting it right the first time around is critical. Whether dealing with an office building or the sale of industrial property, our lawyers will meticulously assist you with aspects of the transaction. For legal representation, call Neiman Law in Columbus at 614-454-3579. If you prefer, you may send an email to make arrangements for a consultation.