First things first. When selling real estate (be it an apartment house, office building, townhouse or a co-operative or condominium apartment) Sellers should enter into a written agreement with their Broker setting forth their understanding. The agreement should be fair and reasonable for BOTH sides. Selling real estate is a collaborative effort and the agreement between the Sellers and their Broker should keep both sides eager to work together and ensure that neither feels they have been or will be treated unfairly.
Published
As interest rates for commercial loans remain low, many property owners will pursue financing for their businesses or seek to refinance their current loans. The first document that a borrower is asked to sign in connection with a commercial loan is the loan commitment letter. The main goal of the loan commitment letter is to set forth the basic terms of the loan (how much, for how long, at what rate) as well as outline some other critical provisions (e.g., prepayment rights, transfer rights and required escrows).