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In situations where clients have come to me and they’ve already negotiated the deal whether it’s to buy a business or whether it’s to but a building or something else, I convey to my client that it’s my job to make sure that what you’re getting is what you were expecting when you agreed to buy this particular property or business at this particular price. That there’s no hidden surprises.
And I take them through that process to, you know, it’s called due diligence, to overturn as many stones as possible to figure out if there’s any hidden problem. And if there are, then I try to get my client back into the mindset that they were when they agreed upon that particular price.. And I say, you know, now we’ve learned that this particular building or this particular business has this flaw and you’ve got to figure out if you still agree and are still comfortable paying this price now that we know about and we learn about this flaw.
And maybe there’s an aspect of the negotiation that you’re running into some difficulty, it turns out the seller doesn’t want to give you these things that you were expecting. It’s my job to make sure not to renegotiate the price or anything like that ‘cause that was, obviously, a good faith thing that was reached before I got involved, but it’s job to make sure that when we get to the closing table my client is getting what they were expecting when they agreed upon that price. IF there’s been changes that we make adjustments as appropriate or at the very least the client is aware of what those changes are and so, they fully understand this is what I bargained for and I’m comfortable closing.
Chicago, IL business lawyer Steven Schroeder shares his approach in negotiating real estate deals on behalf of your clients.