Commercial Real Estate - Land Use - Dalton & Tomich

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THROUGH EVERY STEP OF YOUR
COMMERCIAL REAL ESTATE DEAL

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IF YOU FIND YOURSELF CONFLICTED, WE CAN HELP. CALL US TODAY (313) 859-6000!

Buying or selling commercial property is one of the biggest investments businesses can make, but the process can be time-consuming, complex, and filled with unexpected pitfalls. You need a partner you can trust and will guide you through the process.

Dalton & Tomich’s team of Michigan and Illinois commercial real estate attorneys will shepherd and manage the entire real estate transaction. Not only do we review and edit legal documents, we also serve as your project manager, help move the process along, keep you up to date, and help you close quickly so you can move forward with your investment.

AVOID UNEXPECTED PITFALLS AND REST EASY KNOWING WE HAVE EVERYTHING COVERED

While agents and brokers can help find a property, they do not always provide guidance through the actual buying and selling process.

That’s why partnering with an attorney who understands legal considerations and potential risks is important to making sure you have a successful commercial real estate deal.

Dalton & Tomich understands local laws in Michigan and Illinois and the ins and outs of the commercial real estate process. Because we offer a full range of land use services, we use our knowledge to help you avoid pitfalls and navigate any zoning issues that might arise during the buying or selling process.

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FREE GUIDE: COMMERCIAL REAL ESTATE CHECKLIST

If you are planning to buy or sell a piece of commercial property in Michigan or Illinois, knowing what to expect can help you plan appropriately and manage the process—not to mention your stress. Our FREE commercial real estate checklist will help navigate a sale or investment with confidence.

GET THE FREE CHECKLIST

WHAT TO EXPECT DURING THE COMMERCIAL REAL ESTATE PROCESS

Most commercial real estate transactions follow a five-step process – but there are a lot of details to consider along the way. We guide you step-by-step through each phase of the real estate deal:

1

Letter of Intent

When you have found a property or a buyer for your property, the first step is for the buyer and seller to agree on the general terms of the transaction in a letter of intent. We review the terms presented in this letter and advise on what should or should not be included.

2

Purchase Agreement

If the letter of intent is acceptable to the buyer and seller, a purchase agreement is drafted that outlines terms, deposits, prices, timelines, contingencies, and other details. An attorney will draft and review this agreement, as it is a legally binding contract.

3

Obtain a Title Commitment

In this phase, we gather information on the title and begin to understand what encroachments, easements, and exceptions to title are on the policy. The purchaser will have an opportunity to object to title, and seller an opportunity to cure defects in title. We will learn if there are limitations you should be aware of before moving on to the due diligence or inspection period.

4

Due Diligence / Inspection Period

The due diligence period is where the buyer goes through a series of inspections to make sure everything checks out with respect to the survey; environmental condition of the property; obtaining zoning and land use approvals; obtaining financing, etc. This is also where a lot of the legal counsel and negotiation can take place if issues arise with the property and adjustments to the agreement are needed.

5

Closing

Documents are drafted by either the settlement agent, or your attorney depending on jurisdication and meticulously reviewed to ensure everything is settled correctly, including tax prorations, allocation of costs, legal descriptions, escrows, and representations made in affidavits. If your deal has any additional considerations such as a 1031 exchange or leases, we also assist with that part of the process.

COMMERCIAL REAL ESTATE LAWYERS WORKING ON YOUR SIDE

Zana Tomich

Practices in: Michigan

Zana Tomich is a business attorney who serves as outside general counsel for small to midsize businesses in the creative, food and beverage, financial services, and other industries in Michigan. She frequently assists clients in all aspects of real estate transactions, including the financing, development, sale and leasing of commercial properties. Zana’s work has earned her recognition as a Michigan Lawyers Weekly Go-To Lawyer – Business, one of Michigan’s Top Women Attorneys, and she has been named a Super Lawyers Rising Star and a Michigan Lawyers Weekly Up & Coming Lawyer.

Noel Sterett

Practices in: Illinois

Noel W. Sterett is a partner at Dalton & Tomich, overseeing the firm’s Illinois office. Since 2007, he has been helping clients navigate land use issues in Illinois . His goal is to help his clients overcome the challenges that hinder them from focusing on their core objectives.

JOHN D. STODDARD

Practices in: Michigan

John Stoddard is a partner at Dalton & Tomich, PLC. He specializes in banking, finance, bankruptcy, and commercial litigation, in addition to the Religious Land Use and Institutionalized Persons Act of 2000 (RLIUPA) and trust clause litigation.

TRUSTWORTHY COMMERCIAL REAL ESTATE TRANSACTIONS

Partner with a local commercial real estate attorney who will guide you into the next chapter of your business.

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