The real estate business is changing tremendously, and more people invest in this sector. Commercial real estate properties have been sold for decades, while others consider buying a residential property. But what will you do if you have an opportunity to procure a commercial real estate property? If you consider buying a commercial property either vacant or improved, you agree that you want to close the deal quickly and effectively. Various legal firms specialize in completing and closing commercial real estate property on time despite having a complicated process. Liff, Walsh & Simmons, LLC, is a legal firm committed to helping with the commercial property deal’s completion and closure.
Documents Review and Reports
Before getting a green-light to carry on with the deal, a team of experts will walk hand in hand with you to scrutinize the documents, such as the client’s title order. Besides, you might have received a contract, letter of intent, or an email; hence our team comes in to check the content and its legality. Although some might think that this process is easy, you must realize that it is not since the team must dig deeper to see if there are underlying legal matters that need to be settled before the deal is sealed. Additionally, the legal firm will work behind the scenes to uncover any issues with the title and other underwritten transactions such as sales.
As a property buyer or lender, ALTA Survey is a critical facet before closing the commercial property deal. Our team can do that you thus sparing you the hassle. It would help if you had ALTA Survey since this will show the boundary and describe the land’s physical outline within the location. Besides, this survey will indicate utilities, possible encroachments, and possible land improvements.
Before a buyer or lender agrees to close the deal, title exception reviews are crucial since this shows the details that need special title insurance endorsements. Many people have purchased commercial properties blindly, only to realize that they do not have access since they did not check the title exceptions.
Design the Settlement Statement
Having an agreement with the seller will be one way to save your neck if other underlying issues could arise. Such related issues have affected many commercial property buyers who took matters casually. Having a qualified team to help with the deal is excellent since they will ensure that all vital information required is entered in the settlement statement. With the settlement statement, you are assured that this protects the parties concerned, including the title insurance company, since the transaction details will be captured.