Commercial Real Estate Transactions in Illinois

Buying or selling commercial real estate is far more complex than the process of buying and selling residential property. While most home sales follow the same general procedure, and use many standard forms and contracts, the same cannot be said for commercial real estate transactions – offers to purchase, purchase contracts, commercial leases, and other important documents are often drafted specific to each transaction. There are many other issues unique to commercial real estate transactions, such as zoning, potential mechanic’s liens, any required permits, and previous use of hazardous materials on the premises.

real-estateCommercial property purchases usually involve a significant investment. Additionally, commercial borrowers aren’t always subject to the same consumer protection laws against abusive lending practices that those purchasing residential properties are. It’s critical to have an attorney with extensive experience in commercial real estate transactions review documents related to the financing of a commercial property purchase.

If you’re purchasing a commercial property in Chicago, it’s also extremely important to carefully consider the tax implications for your business. Although a real estate broker can be an essential part of your team if you’re buying or selling commercial real estate, it’s best to consult a Chicago business lawyer who has a strong understanding of tax law to discuss these issues.

Naperville business attorney Denice A. Gierach has been practicing business and tax law in Illinois for over 30 years, and is experienced in representing buyers and sellers in all types of commercial real estate dealings.  Call (630) 756-1160, or click here, to contact Denice to discuss the legal aspects of your commercial real estate transaction.