Our lawyers analysed the real estate, as well as all the documents connected with it and prepared the letter of intent, making sure all the interests of the client were taken care of. We designed the structure of the future sale contract and drafted presale and purchase agreements.
The matter required thorough due diligence, including assessing the possibility of changing the purpose of the building to a residential one and identifying all possible consequences of such change.
As the client was already looking for an operator, the negotiations had to be handled promptly but still ensuring all the essential elements of the agreement that would allow the company to proceed with other projects. Upon the signing of the presale agreement by the client, we analysed the assets of the potential operator, who later backed out because of the coronavirus outbreak. We made recommendations suitable for the unusual situation, which allowed the company to temporarily put the transaction on hold without causing financial problems.