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Important Steps in Purchasing or Selling Commercial Real Estate in Florida

Purchasing and selling commercial real estate in Florida is often a complex and lengthy process because
each transaction may differ due to a variety of factors. Some of these factors include state, county, and
local laws, industry-specific considerations, market trends, a purchaser’s intent, the method of
financing, and the timing of the closing.
In this article, you will be able to better understand the basics of a commercial real estate purchase and
sale process.

Purchase and Sale Agreement
A real estate purchase and sale agreement is a hybrid of 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 being conveyed.

Closing Documents
Closing documents include, but are not limited to, the 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.

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 and ensuring the filing and recording in
the county recording office of all original documents requiring recordation.

Disclaimer: The information provided in this post does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this post may not constitute the most up-to-date legal or other information. Readers should contact their attorney to obtain advice with respect to any particular legal matter. No reader, user, or browser of this site should act or refrain from acting on the basis of information on this post without first seeking legal advice from counsel in the relevant jurisdiction. Only your individual attorney can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this post does not create an attorney-client relationship between the reader, user, or browser and Aktas Law, P.A. All liability with respect to actions taken or not taken based on the contents of this site are hereby expressly disclaimed. The content on this posting is provided “as is;” no representations are made that the content is error-free.

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