A typical commercial real estate transaction generally follows a predictable timeline.
A piece of property (whether or not improved) is selected for potential purchase. At that time, the market is reviewed for comparable sales prices, and verbal discussions are held with the owner to come to an agreement on a potential sales price.
At this point it is important to engage the services of an experienced attorney to prepare an appropriate Letters of Intent to purchase the property, setting forth strategic conditions and the understanding of the parties to move forward with the transaction, with the aim of ultimately preparing a binding contract that will be based on the terms of the Letter of Intent.
As an experienced real estate attorney, Attorney Godfrey has prepared hundreds of Letters of Intent and Contracts for the sale and purchase of real property. Having worked both sides of the typical commercial transaction, Mr. Godfrey provides valuable skills on the nuances of the drafting and negotiation process, whether representing the Buyer or the Seller.
As soon as the Contract is in place, it is important to swiftly navigate through the complexities of the due diligence process. Attorney Godfrey can insure that sequential and concurrent due diligence is being conducted in a timely manner to meet Contract requirements. Attorney Godfrey’s experience assures timely, efficient and expeditious handling of the due diligence process to reach a desired Closing Date.
Once under Contract, it is imperative that key factors, such as title, zoning, and geotechnical conditions, are determined to be acceptable. Attorney Godfrey can save his clients needless expenditures, by determining at an early stage whether there are impediments that cannot be reasonably resolved.
Commercial real estate transactions require the coordination of various professionals other than the attorney. Mr. Godfrey’s 35 years of experience in working with professional surveyors, engineers, architects, contractors, as well as local and state planning agencies, allows him to interface with these important professionals to quickly identify and resolve issues pertaining to the property and achieve a successful Closing.
Prior to sitting down at the Closing table, it is imperative that all "closing documents" be properly prepared, reviewed and coordinated to assure a smooth Closing. Attorney Godfrey can either conduct, attend, or provide detailed written instructions to the Closing Agent, to ensure that the transaction is properly closed, money is transferred, and title is timely recorded.