Real Estate Transactions Attorney in Minneapolis, Minnesota

Roadblocks in Commercial Real Estate Transactions

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In any transaction you’re going to run into roadblocks. With real estate you have to deal with environmental issues with respect to the land. And as a purchaser, you need to make sure you’re doing all of your due diligence to make sure that you’re not taking on large amounts of liability. So that might mean that you have to get special consent from the state or there’s certain remediation that must happen before you step in and take over the property. And that can be very short in terms of periods of time or it could be quite a while and really push back your closing date. Another roadblock that you might see if you have tenants would be getting the consents and asking for them early because if tenants have an issue with you, they might withhold the consent, whether or not under your lease they can. And consents would be signing their Estoppel certificate or getting an SNDA that your lender might require.

Minneapolis business and corporate organizations attorney, Molly Gherty, explains what gets in the way of a smooth real estate transaction.

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