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Dalton and Tomich white logo
Attorneys for Land Use

Guiding you through the Commercial Real Estate Transaction

Serving as local counsel to buyers and sellers.

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

Dalton & Tomich’s team of Michigan 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, assist in moving the process along, keep you up to date, and help you close quickly so you can move forward with your investment.

outside of a commercial building

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 make sure you have a successful commercial real estate deal.

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

FREE GUIDE: Commercial Real Estate Checklist

If you are planning to buy or sell a piece of commercial property in Michigan, 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 confidently navigate a sale or investment.

If you find yourself experiencing a riparian rights conflict, we can help.

If you find yourself experiencing a riparian rights conflict, we can help. Call us today (313) 859-6000!

What is RLUIPA?

In 2000, Congress passed a law called the Religious Land Use and Institutionalized Persons Act, or RLUIPA, in response to a growing problem of discrimination against religious institutions by local governments. RLUIPA was enacted to ensure religious institutions were treated as well as nonreligious institutions in the land use context. RLUIPA levels the playing field for faith communities by requiring local governments to treat religious institutions and assemblies equally.

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:

exterior of a commercial building for lease

1. Letter of Intent

Once a buyer has identified a property, negotiations have taken place, and a seller has agreed to initial terms, the real estate agents or brokers will want to agree upon the general key terms of the deal by memorializing them in a written Letter of Intent. An attorney should review the Letter of Intent to confirm important terms are addressed appropriately, and that basic rights are preserved.

2. Purchase Agreement

The details of the Letter of Intent will be further expounded upon in a Purchase and Sale Agreement. The Purchase and Sale Agreement will include all the details of the terms and will be drafted and reviewed by an attorney, as it is a legally binding contract.

3. Obtain a Title Commitment

The seller obtains the title commitment for title insurance in the amount of the purchase price and shares it with the purchaser. This usually starts the timeline for the buyer to review the title and make objections to the title to the seller, which then triggers the seller’s rights to cure the title defects.

4. Due Diligence / Inspection Period

Depending on the transaction, the due diligence can and should include title review and inspection, a survey to determine if there are any encroachments, easements, or other encumbrances, and environmental inspection. If issues arise with the property and adjustments to the agreement are needed, this is where experienced legal counsel can advise and negotiate for you.

5. Closing

Typically, the title company facilitates the closing once funding is approved and all due diligence is completed. The parties exchange signed documents, escrows are credited to the purchase price, funds are wired, and deeds are recorded. It is helpful to have a closing checklist ready to ensure all documents are properly executed. If your deal has any additional considerations, such as a 1031 exchange or leases, an attorney will also assist with that part of the process.

From the Blog

Trustworthy Commercial Real Estate Transactions

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