Commercial Real Estate Closings
Sarasota Real Estate Attorney
When a piece of real estate or property is sold, this is known as real
estate closing, or a settlement. Not only will the buyer procure the building
or piece of land, but he or she will also inherit any remaining payments
or mortgages on the property as well, claiming fiscal responsibility for
If you are going to enter a commercial real estate closing soon, a real
estate closing attorney can help protect you and your assets by reviewing
the terms of agreement. If provisions need to be added to the contract,
or portions of it edited or deleted altogether, you will want a knowledgeable
practitioner of real estate law by your side. The team of professionals at
The Edwards Law Firm, PL has years of experience with real estate contracts at its disposal to
help guide you through this complicated process.
What is the Process for a Commercial Real Estate Closing?
The real estate closing process for commercial properties is not necessary
altogether different from that of residential or industrial properties,
but it can be far more complicated. As space within a commercial property
is likely being leased to other parties – such as companies using
particular office suites – the amount of paperwork required can
seem heftier and more convoluted, and you may require additional permissions
when looking to purchase or buy.
There are a few main steps you should expect when processing a commercial
real estate closing:
Submission of title order: A lender or real estate agent will have to provide relevant information
on the property to you to assess and sort before submission. If you have
made the choice to retain a seasoned real estate closing attorney, the
paperwork can be given to him or her instead. It is highly advised you
seek professional counsel, if only because of the complications in this
File processing: Additional reports need to be collected with the new settlement agreements,
ranging from inspection and maintenance reports to loan statements.
Title search and examination: Any public records involving the commercial real estate property need
to be filed. In summation, a detailed history of the property needs to
Preparation: Oftentimes, forms will need to be copied in triplicate to provide a copy
for the seller, the buyer, and any banks or third parties involved in
Settlement: At the time of the actual closing, deeds will need to be signed, as well
as a settlement statement. It is so important to ensure all provisions
are correct and agreeable before you sign anything. Retaining an experienced
real estate attorney to double-check the work can save you time, money,
I Need Help for a Commercial Real Estate Closing
Whether you are buying or selling a commercial real estate property, you
shouldn’t have to go through that procedure alone. At The Edwards
Law Firm, PL, we take a great deal of pride in handling cases both correctly
and personally. Reaching a reasonable settlement the first time through
can relieve you of stress for years to come as well as give you peace
of mind, and we want to be the Sarasota real estate attorneys that help
you get there.
The help you need is just a call away.
Contact us today for a