I’m fairly new to purchasing commercial properties (we have done several residential) And i was wondering how long it usually takes an attorney to put together a purchase agreement? I have done residential with just a standard one and so far my attorney has had all the information for 3 days and I have yet to get a contract. Should I be wary as I was planning on using this firm for my title company as well. Thanks
I know many are totally clueless. I’d find another one personally. I once had the sellers attorney laugh out loud at me when I asked if he’d have a minor change done by tomorrow. He was a total jackass.
If you’re just doing a simple state commercial contract on your Real Estate Commission’s forms then a couple days is plenty.
When I put together my custom MHP contract (e.g. 16 pages I think) it took about a week as we consolidated our State form with the MHP-specific provisions from the MHU Due Diligence Manual contract. I now just update a few fields for a specific deal and re-use it as needed.
We use a 24 page contract (double-spaced, clear as day text) and turnaround is always a week or more when seller asks for modifications (or gets theirs together to respond to ours – and then respond to our critiques of their form). Usually the first turnaround incorporates most of the major differences or items that we disagree about (after we get the price and basic terms nailed down).
By contrast, turnaround on our end I try to have within one business day, sometimes two. So-called professionals are always going to take longer that the most active owner (and less time than the least motivated). Which is what you’d expect, I think.
If you want the answer you need to direct the question to your lawyer. It is in your best interest to stay in close contact with those working on your behalf if you want to stay in the loop. Remember you are only a miniscule portion of his business not the center of his universe. A email to him would be appropriate and as simple as posting on this forum.