Commercial Real Estate Closings
Sarasota Real Estate Attorney
The closing on a commercial piece of property is very different from the closing on a home. Issues related to the use of the property, the development of the property and the existing tenants generally need to be addressed. 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?
There are a few main steps you should expect when processing a commercial real estate closing:
- Negotiation of the Contract - One of the most important aspects of a commercial real estate closing is the negotiation of the contract. Depending on the type of commercial property purchased, there are many types of provisions that should be included in the contract to protect your interests, either as a buyer or a seller. It is highly advised you seek professional counsel, if only because of the complications in this step alone.
- Title search and examination – After the contract is negotiated and signed, a title search will be performed to identify the requirements for issuance of the title insurance commitment and closing on the sale. The title search should also be examined to determine whether any zoning or use restrictions would prohibit the buyer’s intended use of the property.
- Due Diligence – In the contract negotiations, a buyer will obtain a due diligence period or inspection period during which, the buyer should inspect the property for defects, review the property leases and other contracts related to the property, conduct environmental tests and otherwise determine if the property is suitable for its intended use.
- Closing - At the time of the actual closing, the purchase money will be paid to the closing agent and the deed and other closing documents will be signed.
It is important that the buyer and seller has a skilled attorney during each step to protect their interests and their financial investment. If you are buying or selling commercial real estate, you should not go it alone. At The Edwards Law Firm, PL, we take a great deal of pride in representing our clients in commercial transactions.
The help you need is just a call away. Contact us today for a case evaluation.
“I will definitely recommend her to any of my friends or customers.”- Shelley
“The Edwards law firm recently helped me through a lengthy family real estate transaction.”- Stephen
“I would absolutely recommend Sherry and team to anyone looking for any kind of real estate help!”- Michael
Over 25 Years of Experience
Sheryl A. Edwards is a Board Certified Specialist in Real Estate Law
Achieve Client Objectives in a Timely Manner
Selected for Super Lawyers 8 Times
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Your Goals Always Come First