Commercial and residential purchase and lease agreements are important documents that outline the rights of both parties and the restrictions placed upon them in a real estate transaction. When you need a sound agreement drafted, the Krogh Law Firm, P.A. can draft this agreement for you, as well as review existing ones so you can make the right decision before you place your name on the line.
As an MSBA Board Certified Real Property Specialist for over 10 years and a Minneapolis real estate attorney who has been practicing law for over 17 years throughout the Twin Cities, Nathan Krogh will give you that one-on-one attention you need. Most of all, you will receive honest advice and guidance that will help you make the right decisions.
What Is A Residential Lease Or Purchase Agreement
A residential lease agreement is a binding contract between a tenant and a landlord. The document lays out that the tenant has the right to use and enjoy the property described in the document in exchange for money paid to the landlord. The agreement will describe what the tenant can and cannot do, their rights, and the landlord’s restrictions and rights. It is a negotiable document, but it is set in stone once signed.
If the landlord or the tenant violate the agreement, either party can bring a claim against the other for damages. Sometimes disputes can be settled, but other times they move forward to the court.
A residential purchase agreement is different in that it involves the buying of property. This agreement outlines the repairs the seller needs to make, items in the home that are a part of the purchase price, and when the buyer is to take possession of the home.
The purchase agreement can also outline the conditions in which the buyer or seller can cancel the deal. Legal or financing issues are two of the reasons why a deal may fall through. If a seller tries to back out of the agreement for a reason that is not described in the purchase agreement, the buyer can take the seller to court and recover damages.
It is important that your residential lease or purchase agreement is thorough and enforceable. An experienced Minneapolis real estate attorney can draft this agreement for you or review an agreement that has already been drawn up so you can be confident before you sign.
What Is A Commercial Purchase & Lease Agreement
A commercial lease agreement is much like a residential lease agreement in that it is a legally binding contract between a business and a landlord. Many businesses choose to rent property instead of buying because they may not have the startup capital to do so. This agreement is going to outline what the landlord can and can’t do and what the business can and can’t do. Being that many businesses have to remodel the space, remodeling restrictions may be outlined in the agreement.
The commercial purchase agreement is also similar to a residential purchase agreement and can outline many of the same terms from when a seller can back out of a deal to when the buyer can move into the property.
Again, having your attorney working with you through this process can ensure a sound document that will minimize or eliminate any disputes that can come about.
Contact A Minneapolis Real Estate Attorney
Commercial and residential purchase and lease agreements are important legally binding documents that are created to protect both parties involved in a lease or property transaction. It is important that you have legal representation when entering into an agreement because having that representation means not signing a document that is going to hurt you in some way. At the Krogh Law Firm, P.A., you can have your lease or purchase agreement drafted or you can have an already drafted agreement reviewed. To learn more, call today at 651-631-0500 to request a free consultation.