Brokers and attorneys help business owners set down roots

| Sep 11, 2018 | Real Estate Transactions |

Florida has one of the hottest real estate markets in the country. A lot of the exchanges of property in the Sunshine State are houses and condominiums, while many involve purchases for businesses. From small businesses looking for their sole location to big companies expanding to new offices, choosing the right location is often the biggest decision that owners can make.

There are many figures in the search for and securing of a proper business site. One of them is a licensed real estate broker, who may assist with the transaction. Florida law sets certain requirements for the different relationships that these brokers can have with commercial real estate seekers.

Brokers must fulfill certain duties under a real estate license. Loyalty to the buyer or seller, including honest and fair dealings, are required foremost. Brokers must also disclose everything known about the property and transaction while maintaining the confidence of the client and his or her vital information.

Due diligence with transactions must include an accounting of all funds involved, from initial deposits to final closing costs. Any offers, counteroffers or other preludes to a transaction must be confidentially and completely transmitted to the proper parties.

In some cases, the parties may be better defined as a limited liability corporation (LLC) or another entity that protects participants from legal trouble. These are often separate processes and legal representation can help expedite them. An attorney can guide business owners through forming an entity and using it to buy a property for its operations.