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.

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.

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.

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.

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.