After recently attending the AIR CRE Contract & Forms Review Seminar in Southern California, where two members of the AIR Forms Committee shared insights and practices for using the AIR CRE documents in our commercial real estate practice, I want to provide some ‘take away’ for you. AIR CRE (http://www.aircre.com/) is an established organization where “… Members have unparalleled access to a system of market research, listings services, contracts and legal resources, networking, and education” tools which are all suited to serve the Commercial Real Estate marketplace, both brokers and principals. The documents covered in detail during this seminar included the Net & Gross Leases, Purchase Contract & Escrow Instructions, Property Information Sheet, Amendments and Addendum, as well as over 40 other forms the AIR CRE publishes. While not all landlords, principals and market participants utilize these useful forms the lessons learned from this seminar are important in any transaction.
We make it a practice in our business to stay well educated on the latest changes in our market as well as in transaction management. Utilizing the AIR CRE forms in our practice helps provide a balanced document for the parties involved in a transaction while also covering important relevant items that should be considered. In addition, a good understanding of these document helps us when working with a client on other contract forms that principals may utilize. In any contract negotiation(s) it is important to have your independent legal counsel and CPA evaluate the impact for your business decision. However, it is also important to work with a broker familiar with these documents so that they can work with you and your counsel in an effective and efficient way.
Here are some important items to remember when negotiating your next lease, purchase contract, amendment or other agreement:
In conclusion, we are here to help you in your commercial real estate needs, and that assistance is more than just sending you a list of properties or comps. As service providers, we aim to be a resource for you in all aspects of the deal.
Contact us today to discuss your needs and see how we can be a good fit to help you.
Christopher J. Destino, SIOR, a Principal at Lee & Associates, is an engaging, responsive professional who enjoys working closely with his clients and helping them succeed.