Acquisitions and sales
Purchase agreements negotiated for the property in front of you: due diligence periods, financing contingencies, representations and warranties, estoppel certificates from tenants, rent rolls and service contracts, and closing conditions that match the lender's requirements.
Due diligence in Chicago
Zoning under the Chicago Zoning Ordinance, open building violations, certificates of occupancy, environmental history for former commercial uses, and the terms of existing leases can all change a property's value. Reviewing them before the contingency expires is the point of the due diligence period.
Commercial leases
Landlords and tenants negotiating retail, office and restaurant leases: rent structure, operating expense pass-throughs, build-out, assignment, personal guaranties and exit terms.
Ownership structure
Many investors hold property through an LLC or an Illinois land trust. Structure affects liability, financing, transfer and estate planning, so it's decided before closing. See business law and asset protection.
Questions clients ask
Is a five-unit building residential or commercial?
Lenders and many contracts treat buildings with five or more units as commercial property, which affects financing, the contract form and due diligence.
Can you coordinate a 1031 exchange closing?
Yes. The legal documents are coordinated with your qualified intermediary and tax advisor, who handle the exchange requirements.