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Purchasing and Selling Commercial Real Estate Toolkit (IL)
Practical Law Toolkit w-004-8625 (Approx. 18 pages)
Purchasing and Selling Commercial Real Estate Toolkit (IL)
by Practical Law Real Estate
| Maintained • Illinois |
Resources to assist purchasers' and sellers' counsel in understanding, negotiating, and closing a commercial real estate purchase and sale transaction in Illinois. This Toolkit also contains ancillary agreements related to a commercial real estate purchase and sale transaction.
Purchasing and selling commercial real estate in Illinois is often a complex, lengthy process with many different components. Although every transaction has its own set of nuances, most commercial real estate purchase and sale transactions follow the same workflow. The general steps include:
- Selecting a broker.
- Drafting and negotiating the brokerage agreement.
- Drafting and negotiating the letter of intent.
- Drafting and negotiating the purchase and sale agreement.
- Conducting or managing the due diligence investigation.
- Handling ownership and joint venture matters.
- Satisfying pre-closing conditions and preparing for closing.
- Closing the transaction.
- Resolving post-closing items.
Purchasers and sellers have their own set of unique objectives, and both parties try to limit their liability at every stage of the process. This Toolkit lists continuously maintained Practice Notes, Standard Documents and Clauses, Checklists, and State Q&As designed to help counsel for both purchasers and sellers manage the transaction from the preliminary planning stage through the closing of the transaction.
The resources listed in this Toolkit provide guidance on certain aspects of the purchase and sale of Illinois commercial real property. For a non-jurisdictional Toolkit on the sale or acquisition of commercial real estate, see Purchasing and Selling Commercial Real Estate Toolkit.