“Esther Lotz has represented many clients of mine over the years as a commercial real estate broker, both Sellers and Buyers. I find that her preparation, depth of knowledge and thoroughness is a great asset both to my client and to me as their attorney. Especially noteworthy is the level of detail she brings to the due diligence process. Whether for seller or buyer, she works to be sure both parties have as much information as they might need for determining if the property will suit their needs as a buyer and to insure that the seller has completely disclosed the relevant limitations. Including state or local permitting needs the buyer may have for the use they anticipate, especially if that use differs from the present use of the seller. The full disclosure is not just helpful, it reduces the risks of claims later, protecting both parties from costly surprises after closing.”
L. Randolph Amis, Esq.
Of Counsel
Montroll Backus & Oettinger PC
“Esther, I find yours to be the most comprehensive and consumer and client-oriented policy statement I have encountered in my 45 years in the real estate business!”
Ray Ault
Ault Commercial Realty, Inc.
PO Box 6306
Rutland, VT 05702
Some clients look to their commercial real estate brokers in this market to draft or provide legal contracts (Leases, Purchase & Sales, contract addendums) but this is discouraged as it is viewed as practicing law without a license. The residential fill-in-the-blanks forms are viewed as inadequate for the complexities of a commercial transaction. Brokers CAN draft and provide “Letters of Intent” (LOI) to Purchase. A Commercial Real Estate Attorney drafts a Purchase & Sale Contract using a broker’s LOI.
Click here to download a sample LOI in Adobe PDF format.
Click here to download a sample LOI in MS Word format.
Click here to download a sample Lease LOI in Adobe PDF format.
Click here to download a sample Lease LOI in MS Word format.
In commercial real estate the attorneys hold the contract deposits in escrow, not the brokers.
There are a few key things that I advise buyers:
- Be sure to meet with a civil engineer before you write an offer in order to understand your time frame, cost & feasibility for acquiring Municipal & State permits
- I recently had an administrative change of use permit for a 5000 SF deal cost $46,000. in WW fees & PM peak hour trip end fees.
- Hire a commercial real estate broker to represent you as a buyer before you write an offer. Many commercial brokers specialize so it is prudent to ask the broker how many transactions they have completed of the type you are contemplating. While I have a wide range of commercial experience with a high rate of success across many transaction types, I tend to specialize in owner-user deals and metal buildings. Here is a link to a local commercial real estate organization that has a list of members – http://www.ccrea.com/member/public_roster
- Be sure to meet with Municipal Planning & Zoning to review the file on the property. A phone call asking if the use is listed as permitted or conditional does not answer questions for instance about traffic impact fees, municipal water allocation letters, & parking waivers. Meeting with West St (ACT 250 & WW) & Public Safety (State C/O) and Municipal Fire Marshals may also be advisable. Email Esther to request contact information for these entities.
- Commercial real estate contracts generally require the buyer to perform a preliminary title search in the first 30 days of the standard 60-120 day due diligence period. This is so that there is enough time left in the transaction to address any issues without delaying the closing.
- “We recommend to all prospective purchasers to perform proper due diligence before purchasing a property, especially commercial and industrial properties.” – John Schmeltzer, Environmental Analyst, VTANR/Dept of Environmental Conservation Waste Management and Prevention Div. (for information, please contact) Trish Coppolino – Sites Management Section, Chief, Brownfields Program Manager, Patricia Coppolino, 802.249.5822,
Read More…
What to expect from your commercial broker…your broker will:
- Independently confirm all information provided to you
- Collaborate with your commercial real estate attorney on business terms (not legal terms) for your lease or purchase and sale contract
- Schedule your meetings with the engineers, with Planning & Zoning, with West St & Public Safety
- Know the questions to ask in these meetings
- Take notes for your file
- Be at your side in any DRB hearings
- Schedule and be present for contractor walk- throughs of the property
- Track your contingency dates & permit time frames throughout your estimated 60-120 day due diligence period
Working with an unrepresented buyer:
If an unrepresented buyer is touring one of my listings, I will show that buyer the property as many times as they wish…I will still split my fee 50/50 with another broker at any time the buyer seeks representation, even up to the day of the closing. That is only fair in my mind to the consumer who deserves representation at any point in a transaction & to my seller who is counting on me to put a deal together with a minimum of stress, wasted time & liability. A buyer with representation cuts my seller’s liability in half so a buyer’s rep is always welcomed. One of the buyer brokers responsibilities is to independently confirm all information involved with the transaction for his or her buyer.
Advice from the Vermont Attorney General’s office – click here.
RESOURCES
Commercial Real Estate Civil Engineers
KAS Environmental Science & Engineering
Jeremy Roberts
[email protected]
www.kas-consulting.com
802-383-0486
O’Leary & Burke
[email protected]
http://www.myconstructionresource.net/97913/viewCompany.aspx
802-878-9990
Krebs & Lansing
[email protected]
http://www.krebsandlansing.com
802-878-0375
Lamourex & Dickinson
[email protected]
http://www.ldengineering.com
878-4450
EIV Technical services
Jacqueline Dagesse
[email protected]
www.eivtech.com
802-497-3653
Commercial Architects
Delorme Steger Architects
Danielle DeLorme
[email protected]
617-460-1284
Hilary Steger
[email protected]
802-498-4345
Commercial Bookkeeper
Stephanie Mac
[email protected]
802-735-7292
Commercial Real Estate Attorneys
Eric M. Knudsen
[email protected]
http://www.langrock.com
802-864-0217
David Greenberg
[email protected]
http://www.dgreenvt.com
802-862-8165
L. Randolph Amis
[email protected]
802-658-8900
Jesse D. Bugbee
[email protected]
www.kissaneassociates.com
524-9546 x17
Bob Rushford
[email protected]
www.gravelshea.com
802-658-0220
Commercial Real Estate Accounting
Justin G. Wicks
[email protected]
802-399-6993
Commercial Real Estate Cleaning
Conscious Cleaners VT
[email protected]
224-388-6788
Garret Sullivan
[email protected]
802-735-7198
Personal injury, criminal defense, divorce and family law.
Brooks McArthur
[email protected]
http://www.jarvismcarthur.com/brooks-mcarthur
802-658-9411
Commercial Real Estate building inspector
VIS Construction Consultants
Brian Haas
[email protected]
http://www.viscc.com
802-343-2248
Commercial Real Estate financing resources
Opportunities Credit Union
Laz Manrique
[email protected]
http://www.oppsvt.org
802-495-5457
Vermont Economic Development Authority
Eun-Young Denny
[email protected]
http://www.veda.org
802-598-4044
Vermont Community Loan Fund
Becca Schrader
[email protected]
http://www.vclf.org
802-223-4424
People’s United Bank
David A. Estes
[email protected]
http://www.peoples.com
802-652-6156
NBT Bank, N.A.
Rob Roy
[email protected]
802-651-9788
Northfield Savings Bank
Wright Preston
[email protected]
802-871-4484
KeyBank
Jennifer Smith
[email protected]
802-878-3331
Matthew A. Sjoblom
[email protected]
802-598-4074
Sonia Askew
[email protected]
802-878-3331
UnionBank
Curtis C. Swan – VP Commercial Loans
[email protected]
802-527-3208
Commercial Real Estate Insurance
The Essex Agency
John J Handy CIC
[email protected]
878-5334 ext 114
Williston Insurance Agency & Palmer Insurance Agency
Dave Palmer
www.palmerinsurancevt.com
[email protected]
802-879-0119
Cheeseman Insurance Group
Bernie Cummings, Jr.
www.cheesemaninsurance.com
[email protected]
802-861-4800 x105
Commercial Real Estate Fit Up
Joshua Jones
[email protected]
802-922-2101
Design/Build Construction
Lewis Creek Company
Natalie Beckwith
[email protected]
802-324-5540
www.lewiscreekcompany.com
Roger Paradis
[email protected]
802-343-4143
Walter M Adams, Jr.
[email protected]
802-734-0428
Scott Blair
802-324-6069
Bill Rublee
(Plumbing)
802-363-4930
Jay Mechanical
802-310-2645
Golden Consulting, LLC
Christine Golden
[email protected]
www.goldenconsultingllc.com
802-598-4782
My Project Concierge LLC
Jay Hoffman
[email protected]
999-7494
Commercial Real Estate Environmental Testing
KAS Environmental Science & Engineering
Erik Sandblom
[email protected]
www.kas-consulting.com
802-383-0486
Waite-Heindel Environmental Management
Miles E. Waite, PhD
[email protected]
www.waiteenv.com
802-310-2979
Verterre Group
Martha Roy
[email protected]
www.verterregroup.com
802-654-8663
Trudell Consulting Engineers
Amanda Raab
[email protected]
www.tcevt.com
802-879-6331
Commercial Real Estate BRELLA Program
Trish Coppolino – Sites Management Section, Chief
Brownfields Program Manager
[email protected]
www.anr.state.vt.us/dec/wastediv/SMS/RCPP/Liability-Limitation.htm
802-249-5822
Commercial Real Estate Hazardous Sites list
ANR Environmental Research Tool
http://www.anr.state.vt.us/WMID/Hazsites.aspx
Commercial Real Estate Floor drains, UIC program
Cynthia A. Parks, PE
VT Department of Environmental Conservation
[email protected]
https://secure.vermont.gov/SOS/rules/display.php?r=226
http://drinkingwater.vt.gov/uic/pdf/uicfloordrainprocedure.pdf
802-338-4824
Commercial Real Estate Business Advisor
Steve Densham
www.vtsbdc.org
[email protected]
802-658-9228
Sales of Businesses
Bryan Ducharme
www.venture7advisors.org
[email protected]
802-489-7700 x801
Commercial Elevator Service
Access Mobility
Chad Dewyea
accessmobilityvt.com
[email protected]
802-878-7251
Commercial Real Estate Utility Locating Services
Subterra Vermont
www.subterravt.com
[email protected]
802-654-8663
Vermont Underground Locators
www.vtlocators.com
[email protected]
802-863-7113
