The Pierro Law Group PLLC
The Pierro Law Group PLLC
  • 950 Third Avenue
    11th Floor
    New York 10022
  • Hire Us Today!

    (212) 847-4948

Our firm handles all legal aspects of real estate transactions. We handle contract review and negotiation, review any engineering and environmental reports, advise clients, and supervision of the execution of all legal documents.

 

What Are Some Of The Common Risks In Buying Commercial Real Estate?

 

Commercial real estate is an investment where the property is more than often sold in its current condition. Therefore, an extraordinary amount of due diligence is suggested for any particular purchaser because there could be an immense number of risks and structural risks if it is a building. There could also be environmental risks for purchased land. 

 

What Due Diligence Does Your Firm Do For Industrial And Commercial Developing Clients?

 

I advise clients to hire the right engineering company to do the physical due diligence and what is known in the industry as a Phase 1 and, more than likely, a Phase 2 environmental examination of the property. Additionally, if the property is to be developed a complete zoning analysis will be recommended. My role as an attorney in New York is to make sure a meeting of the minds has brought about a deal or memorialized the contract terms that accurately reflect the parties’ intentions. 

 

Should Financing Be Done Prior To Purchasing Real Estate For Commercial Or Industrial Development?

 

Suppose financing is going to be an element of the transaction. In that case, it should be at least lined up before going into a contract because most commercial real estate transactions do not allow for a contingency for financing. 

 

Do You Typically Draft A Custom Sale Or Purchase Agreement Or Do You Use A Standard Contract?

 

In New York, the seller’s attorney prepares the contract of sale in commercial deals. At the same time, there are some boilerplate forms to be used because every commercial property has many unique characteristics of separate riders generally drafted from scratch to apply to the particulars of that transaction. But, conversely, when you are a purchaser, you receive the seller’s contract and want to add terms that are more advantageous and dull the edge of the sword that the seller’s contract has to minimize risks. 

 

How Does Your Firm’s Experience In Negotiation Assist Your Clients When It Comes To Commercial And Industrial Real Estate Transactions?

 

Thirty-two years of experience in practice; I advise what is necessary, monetary points, assess the risk factors, and contract terms to help us educate the clients. This all contributes to the client making business decisions. 

 

At What Stage Of A Commercial Real Estate Transaction Do Clients Come To You?

 

On the purchase side, it’s usually when they are active inside the marketplace where they seek to purchase. My services should be retained because things may happen quickly because there is often competition for the property, and you have to be ready to go. On the sales side, it’s generally engaged once it’s seems as the purchaser or several purchasers are coming forward. We should begin to prepare from the seller’s aspect of what would be needed in the contract and check to make sure the necessary filings, paperwork, deeds, surveys, violations, or other essential elements are handled correctly. 

 

For more information on Commercial/Industrial Real Estate In New York, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (212) 697-7515 today.

Roger Pierro, Esq.

Hire Us Today!
(212) 847-4948