Commercial real estate can apply to large-scale or small-scale projects. Technically, the defining factor that distinguishes commercial real estate from residential real estate is what the purpose of the property will be. Will it be used for living or for conducting business? If it’s the latter, then it qualifies as commercial real estate.
Whether you are buying commercial real estate or selling, there is always the possibility that a contract negotiation will occur during the process. Contract negotiation is the process of back-and-forth between buyer and seller in which both parties attempt to serve their own best interests in the deal. This could mean a price negotiation, ideally more for the seller and less for the buyer. It could also include negotiation on other points, such as stipulations of the purchase agreement or other factors that impact the sale of the property.
At Dale M Maas Attorney at Law, our firm has experienced many instances of contract negotiation, both big and small. A contract negotiation can be more intense, or it can be more relaxed. Either way, it is best to represent your best interests when involved in any type of contract negotiation. Commercial real estate can have more nuances than residential real estate, as there are often more factors to consider in these deals.
As a rule of thumb, if you are involved in the process of a commercial real estate deal and there isn’t any type of negotiation happening, there could be something wrong. Usually there is always some point of contention; this is the natural progression of the process between buyer and seller. Whether it be price, terms or some other point that has buyer and seller negotiating, there is a way to represent best interests while coming to an agreement with the other party.