Advice On Earnest Money Deposit Attorney Verbiage For Commercial Property
Does anyone have any advice on negotiating terms of EMD for a commercial real estate transaction? I need a specific window of time and the seller’s agent wants to set the terms of the emd with my attorney. Could I just work with their attorney?
[{"id": "gwusn08", "text": "Should be fairly simple unless there is unusual dd and inspection framework/ timelines. IMO would def tag team it with your client\u2019s attorney or at least get their final consent", "replies": [], "depth": 1}, {"id": "gwxbkwh", "text": "The terms for negotiating your DD period varies on a number of factors...product type, location, financing, potential environmental issues, etc., so unfortunately your post is too vague to give much direction. The seller's attorney and their agent have a fiduciary relationship with THEIR client, not you...so they will be looking for what is best for their client in regards to DD period, EMD release, etc. I don't know if you are in an \"attorney\" state or not. You will be more protected having your own agent or attorney on your side though.", "replies": [], "depth": 1}, {"id": "gwxzpp5", "text": "This is boiler plate stuff here. What terms are being negotiated? It should be in the PSA already. Do you have a broker? Did you guys download a PSA from google or something?\n\nI'm very concerned for you. The attorney is NOT working for you, so don't trust a thing they say. You can have them draft it up, but you'd better know what you're looking for when you review it.   \n\n\nWhere did you get your Purchase and Sale Agreement?", "replies": [], "depth": 1}, {"id": "gxxzumg", "text": "Deposits and Increased Deposits are pretty standard in the Purchase Agreement.  Initial Deposit upon signing and Increased Deposit upon certain milestone or contingency removal.", "replies": [], "depth": 1}, {"id": "gzgniws", "text": "I would have an attorney. On a simple psa you will pay a few hundred dollars", "replies": [], "depth": 1}]