Commercial Real Estate Counsel
Commercial Purchases and Sales Attorney in Dallas, TX
Your Guide to Commercial Property Transactions
Buying or selling commercial property in Dallas involves layered contracts, due diligence, financing terms, and title issues that can derail a deal. At Wallace Law PLLC, we guide investors, business owners, and developers through every stage of the transaction so you understand the risks, the rewards, and the path forward before signing anything binding.
Whether you are acquiring a retail center, selling an office building, or negotiating a complex mixed-use deal, the right legal counsel protects your investment. Our team reviews each document, identifies hidden liabilities, and structures terms that align with your long-term goals so your transaction closes smoothly and on schedule across the Dallas market.
Why Legal Guidance Matters in Commercial Deals
Commercial real estate transactions move quickly and involve significant capital. A single overlooked clause, undisclosed lien, or zoning misunderstanding can cost buyers and sellers hundreds of thousands of dollars. Working with an attorney from the outset helps you negotiate stronger terms, uncover title defects early, and close with confidence that your interests are fully protected throughout the deal.
About Our Real Estate Practice
Understanding Commercial Purchases and Sales
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Key Terms and Glossary
Purchase and Sale Agreement
The main contract between buyer and seller that sets the price, deposit, contingencies, closing date, and other terms governing the commercial real estate transaction.
Title Commitment
A document from the title company outlining what the title policy will insure, including any liens, easements, or exceptions that must be addressed before closing.
Due Diligence Period
A defined window during which the buyer inspects the property, reviews leases and financials, and can terminate the deal if material issues are uncovered.
Earnest Money
A good-faith deposit paid by the buyer and held in escrow, applied to the purchase price at closing or refunded or forfeited based on contract terms.
PRO TIPS
Start Due Diligence Early
Begin reviewing leases, financials, and title work the moment the contract is signed. Waiting until the last days of the inspection period leaves no room to renegotiate or walk away. Early review gives you leverage and protects your earnest money deposit.
Verify Zoning and Use
Confirm the property’s zoning allows your intended use before you remove contingencies. Municipal records, certificates of occupancy, and prior permits should be reviewed carefully. A zoning mismatch can stop your business plans before they start.
Negotiate the Letter of Intent
The letter of intent shapes the entire deal, so do not treat it as a casual document. Lock in price, deposit, inspection rights, and closing timing up front. Strong terms here make the formal purchase agreement easier to negotiate later.
Comparing Your Legal Options
When Full-Service Representation Is Needed:
High-Value or Multi-Property Deals
Larger transactions carry layered risk across financing, tax, and entity structure. Full representation gives you coordinated review of every document and deadline. This level of involvement helps protect your investment from costly surprises after closing.
Properties With Existing Tenants
When tenants occupy the property, lease assignments, estoppels, and SNDAs must be carefully handled. Comprehensive counsel reviews each lease for renewal terms, options, and defaults. Missing details here can erode the income stream you bought the property for.
When a Limited Scope May Work:
Straightforward Single-Tenant Sales
Smaller deals with a clean title and one cooperative party may only need targeted legal review. An attorney can focus on the purchase agreement and closing documents. This approach controls costs while still protecting your core interests.
Document Review Only
Experienced investors sometimes only want a second set of eyes on key documents. We can review and redline the contract, title, and survey without full transaction management. This keeps you in the driver’s seat while reducing legal exposure.
Common Situations We Handle
Why Choose Wallace Law PLLC
Clients across the Dallas market choose Wallace Law PLLC because we combine sharp legal analysis with real-world business sense. Steven E. Wallace, Esq. and our team have guided buyers and sellers through transactions ranging from small commercial buildings to complex multi-property deals, always focused on protecting your capital and closing on terms that truly serve your goals.
We pride ourselves on responsive communication and clear explanations at every stage. You will know what each document means, why each deadline matters, and how each decision affects your bottom line. From the first letter of intent through funding and recording, we work to keep your transaction efficient, transparent, and aligned with your long-term plans.
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FAQS
Do I need an attorney to buy commercial property in Texas?
Texas does not legally require an attorney to buy commercial property, but going without one is a significant risk. Commercial contracts are far more complex than residential forms, and a misstep can cost more than legal fees ever would. An attorney drafts and negotiates contract terms, reviews title and survey, coordinates with lenders, and manages closing. At Wallace Law PLLC, we help Dallas buyers structure deals that protect both their capital and long-term plans for the property.
What does a commercial real estate attorney actually do?
A commercial real estate attorney handles the legal side of buying or selling a property. That includes drafting the purchase agreement, reviewing title commitments, analyzing leases, negotiating with the other party, and supervising closing documents. Beyond paperwork, your attorney spots risks you may not see. From environmental concerns to assignment restrictions, we identify issues early so your transaction stays on track and your investment stays protected.
How long does a commercial real estate transaction take?
Most commercial transactions take between 45 and 90 days from contract signing to closing. Simple cash deals can move faster, while financed or multi-property transactions often take longer due to lender requirements and underwriting timelines. The due diligence period, title review, and loan approval are the main drivers of the schedule. Our team works to keep every workstream moving in parallel so the deal closes as quickly as the facts allow.
What is the due diligence period in a commercial deal?
The due diligence period is a defined window, usually 30 to 60 days, during which the buyer inspects the property and reviews all key documents. Leases, financials, environmental reports, title, and surveys are all examined during this stage. If material issues arise, the buyer may renegotiate or terminate the contract and recover the earnest money. Using this window wisely is one of the most important parts of any commercial purchase.
Should I form an LLC before buying commercial property?
Many commercial buyers acquire property through a limited liability company or other entity. This structure can offer liability protection, tax flexibility, and easier transfer of ownership in the future. The right entity depends on your goals, financing, and partners. Wallace Law PLLC can help you evaluate the options and form the entity before closing so the property is titled correctly from day one.
What is included in a commercial purchase agreement?
A commercial purchase agreement typically covers the purchase price, earnest money, due diligence rights, representations and warranties, closing conditions, and remedies for default. It also addresses prorations, assignments, and how existing leases will be handled. Every clause matters. Small wording changes can shift major risk between buyer and seller, which is why careful drafting and review are essential before anyone signs the document.
What are typical closing costs on a commercial sale?
Closing costs on a commercial sale can include title insurance premiums, escrow fees, recording fees, survey costs, lender fees, and attorney fees. Larger deals may also involve transfer taxes, environmental study costs, and appraisal expenses. Who pays which costs is negotiable and should be addressed clearly in the purchase agreement. We help our clients understand the total cost picture before they commit to the transaction.
How is earnest money handled in commercial deals?
Earnest money is typically deposited with the title company shortly after the purchase agreement is signed. The amount varies, but commonly ranges from one to five percent of the purchase price for commercial deals. The contract controls when the deposit becomes nonrefundable and how it is applied or returned. Clear contract language here is critical to protecting buyers if the deal does not close.
What happens if the title commitment reveals problems?
Title commitments often reveal liens, easements, restrictions, or other exceptions that must be resolved before closing. Some are routine and easily cleared, while others can materially affect the property’s value or use. We review each title exception carefully and negotiate with the seller and title company to cure problems where possible. If an issue cannot be resolved, you may have the right to renegotiate or walk away.
Can you represent both buyer and seller?
Representing both buyer and seller in the same transaction creates a conflict of interest and is generally not appropriate. Each side needs counsel focused solely on protecting its own goals and rights. Wallace Law PLLC represents one party in any given commercial purchase or sale. That focus allows us to negotiate aggressively, protect your interests, and avoid the compromises that come with divided loyalty.