Real Estate Investor Purchased 30-Unit Apartment Building in Fishtown for $7.33 million
When our real estate investor client approached us about purchasing a 30-unit apartment building in the Fishtown section of Philadelphia, they provided us a letter of intent executed by all the parties involved in the project. Utilizing the letter of intent, we prepared a purchase and sale agreement, which formed the basis for the written contract that set forth the parameters of the anticipated real estate transaction. In doing so, we negotiated with the property owner’s attorney in drafting the specific terms and conditions of the purchase and sale agreement.
Amongst other things, we ensured that our client’s obligation to purchase the apartment building was conditioned on the legal use of the property, the assignment of the leases in effect as to the property, and the payment of any advance rent as well as security deposits paid by the tenants to the property owner, acceptable financing terms and conditions, a due diligence period in which they could terminate their obligation to purchase the property for any reason whatsoever, and the obligation for the property owner to maintain the property in its present condition.
After the purchase and sale agreement was executed by the parties, and our client was satisfied with the condition of the property during the due diligence period, we went into the next stage of reviewing and negotiating the language that set forth in the loan documents, which were prepared by their mortgage lender as part of their financing of the attempted real estate transaction. Additionally, we also reviewed the title commitment we received from the title insurance company insuring the attempted real estate transaction to ensure that our clients were adequately protected from a title insurance perspective.
We finally represented our real estate investor clients at the closing table to assist them in fully completing the closing documents of this real estate acquisition totaling $7.33 million.
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