With respect to the acquisition of commercial real property, licensed real estate brokers are usually involved in the preparation and negotiation of the offer letter (which is usually expressly non-binding); however, depending on the scope and complexity of the transaction, a lawyer may be necessary during the offer letter stage.
With respect to the leasing of commercial real property, licensed real estate brokers are commonly involved in the preparation and negotiation of the term sheet (which is usually expressly non-binding); however, depending on the scope and complexity of the transaction, a lawyer may be necessary during the negotiation of the term sheet.
In Florida, it is considered the unauthorized practice of law if a real estate broker creates or alters documents. The drafting of the sale contract and/or lease is considered to be the practice of law, and accordingly, cannot be drafted by a non-lawyer real estate broker.
For that reason, the legal documentation and changes thereto must be drafted by an attorney.
At Rosenthal Law Group, our Florida business litigation lawyers are well-versed in real estate transactions such as this and ready to assist you with your sale contract, lease, or offer letter. Call our team today.
