Our real estate lawyer Bronx, NY from Okun, Oddo & Babat, P.C. assists business professionals and companies with their transactions from start to completion. If you are considering investing in a property, you may benefit from working with a legal professional who can protect your rights. Okun, Oddo & Babat, P.C. has represented the legal needs of the Bronx, New York community for many years. The legal services we offer can save you /a substantial amount of aggravation, time, and money. Give us a call and request a free consultation with our Bronx, New York real estate lawyer to learn how we can help you. Below are answers to some of the most common questions that we receive:
What is a commercial real estate transaction letter of intent?
Prior to your purchase of any type of commercial real estate, you may benefit from drafting and submitting a letter of intent to the seller. If you are located in the Bronx, NY area, our real estate lawyer can do this for you. A letter of intent will specify essential items that need to be addressed or honored before the final sale. This is an effective method of communicating to the seller your intent, interest, and resolve to make sure that certain issues will not cancel the sale. Sometimes a seller will request the intended buyer to submit a letter of intent to demonstrate their commitment to the impending purchase.
Should the letter of intent be non-binding?
Unless otherwise recommended by your Bronx, New York real estate lawyer, you probably do not want to be contractually bound to purchase the property until after you have signed a written contract. This is to protect your best interests in the event that your financial situation changes or a major issue develops in regard to the proposed purchase. To ensure that your letter of intent is non-binding, your real estate lawyer Bronx, NY residents trust can include a clause that specifies that the letter is not binding. In addition, the letter’s terms will be clear and explained to you to make sure it reflects your intentions and goals. Another important aspect of the letter of intent is that it may very likely prevent, or at the very least minimize, the possibility that a lawsuit might result.
What are commercial real estate contract contingencies?
A contingency in this context are the conditions that your Bronx, NY real estate lawyer includes in the contract. If the seller does not meet the conditions, then you can cancel the contract without any penalties. There are any number of contingencies that you may wish to include, and your lawyer can discuss these with you prior to drafting the contract.
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To learn more about how our Bronx. NY real estate lawyer from Okun, Oddo & Babat, P.C. might assist you, contact our office to request a no-cost consultation.