The author of the Declaration of Independence, Thomas Jefferson, once said “The most valuable of all talents is that of never using two words when one will do”.
Words are powerful! This is the essence of the commercial forms committee. While keeping our contracts clear, concise and user friendly, we are continuously making efforts to keep up with the changes in our business. In the past 20 years we have seen our basic residential contract grow from two pages to 20! This is driven by the need to incorporate protections for the public (and ourselves) that cover new law, areas of common or frequent discord, and expanded language to help parties have a clear picture of the deal they are entering into.
A good way to frame your view of a transaction is to ask yourself the question, “If a Judge, who has no idea of what we are doing here, reads this contract, can they reasonably determine what each party was supposed to do in good faith?” We want to create a document that provides as much clarity as possible.
The challenge in commercial practice is that one size rarely, if ever, fits all. Attorneys generally draw up documents and contracts for larger transactions. (We always recommend the use of legal assistance in commercial deals). Some deals appear simple, but in reality, are very complex. Commercial deals can have multiple earnest money scenarios, environmental factors, zoning and/or site irregularities, tiered financing with multiple levels and tranches of funding, and on and on and on!
The transaction must be thought through thoroughly and each conceivable contingency that can be envisioned should be addressed. Remedies are then set forth in the contract before they may arise, hopefully alleviating future controversy.
Greater Columbus is a dynamic market that is experiencing tremendous growth. Commercial deals are more plentiful and foreign capital has found our market to be a sweet spot to invest in. This means more deals, and more deals should not translate into more problems; only more commissions!
Real estate practitioners are challenged with cross over clients. Many brokerages are allowing their agents to expand into areas of commercial practice. Our group has tried to create more solutions for the general practitioner to have forms and drop-down boxes at their disposal; to insure they are meeting the expectation to the consumer with diligent care.
We are consistently adding and modernizing documents as our membership brings us their needs.
PLEASE let us know what forms you would like to see and any suggestions that you may have for our committee to make your job easier. Easy transactions keep the gray hair away!
We are here for you and we listen well!