Land and property are big business. Many Louisiana developers keep their eyes open for the next perfect property, one that is ready to be sold at a reasonable price and able to turn a profit. Real estate transactions can be complex, however, and it can take careful and savvy negotiation to obtain the right terms and get the deal hoped for.
An interesting commercial property was recently put up for sale in Louisiana. The property is what used to be the Jackson Avenue ferry terminal and includes several components, such as a pier, a terminal building and bridges for both pedestrians and vehicles. Since 2009, the property has been unused as a ferry terminal. It was being offered for sale by the Louisiana Department of Transportation and Development. The minimum price was $1.65 million and bids were accepted as part of the sale process.
After spending the time and expense involved in scouting out properties and winning a successful bid, developers and other real estate buyers do not want the deal to fall apart. However, in commercial real estate transactions of all kinds, there are many different factors that can cause a deal to break down. Problems that frequently arise in commercial real estate transactions include foreclosures, construction defects, breach of contract and other real estate litigation.
An experienced attorney can help facilitate the process and ensure fewer headaches by helping those involved in real estate transactions foresee potential problems and analyze all the details of the deal. In addition, attorneys can help in drafting and negotiating agreements for lease or purchase, which can also prevent many problems. Knowing what to expect during a real estate transaction can help ensure that neither party is surprised during negotiations or after a sale and preserve key business relationships for the future.
Source: NOLA.com, “Jackson Avenue ferry terminal and riverfront property up for sale,” Katherine Sayre, Sept. 18, 2013