Why You Should Hire a Commercial Real Estate Attorney for Your Closing
Commercial real estate closings can be quite a bit more complicated than residential real estate closings, and in both circumstances you will want to have a skilled Fort Lauderdale title examination attorney present. There are several important due diligence steps that should be performed prior to your closing including a full title examination, reviewing of the terms of the contract, last minute negotiations, and more.
Your attorney can handle all of these steps and ensure that your closing goes as smoothly as possible.
Your attorney will review and prepare the loan package
When you are buying commercial real estate, your attorney will review all of the loan documents to ensure that they are accurate and complete. The lender may have various closing requirements such as evidence of income, proof of cancellation of debts, paying off debts, or various other documents. Your attorney can help you prepare these documents and ensure that your loan package is approved quickly. Your attorney can also review the loan package and ensure that the terms are favorable and renegotiate any terms if needed.
Your attorney will perform a full title examination
Your Fort Lauderdale title examination attorney will perform a full title examination on the property that can stretch back 30 years or more. This involves creating a chain of title of the owners of the property. After the chain of title has been established, your attorney will determine if any owner put a lien on the property or somehow created a defect in the title. Your attorney will also check if the property was sold to someone who isn’t listed on the chain of title. This process must be completed for every property that is included in your deal.
An experienced attorney will help you close the deal faster
Commercial real estate deals can drag out quite easily, but an experienced attorney will help you close the deal as quickly as possible and ensure that all parties are moving along. Also, accuracy is also very important when it comes to closing commercial real estate deals; just one overlooked detail can end up costing you a significant amount of money in the future. It’s always a good idea to have an experienced attorney at your closing who can review aspect of your deal and help you catch problems before they occur.
If you are in the process of closing a commercial real estate deal, call Mark Schecter at Schecter Law today for skilled and experienced legal