Whether residential or commercial, buying a property is one of the most exciting and stressful events of a person’s life. Once the seller has accepted the buyer’s offer and the parties have entered into a written purchase contract, a closing agent is selected to handle the closing process. The closing agent’s duties involve a title search to identify and clear any encumbrances on the land to ensure delivery of marketable title, making arrangements for the new owner and/or lender to obtain title insurance, and preparation of the deed, affidavits and other documents to be signed by the parties as well as the HUD or “settlement statement” that outlines all of the costs for the buyer and seller associated with the closing. On the day of closing, the closing agent explains the nature and purpose of each document to be signed by the parties.
The most important reason to be retain a real estate attorney to perform the closing process is to have a professional with the knowledge and experience to address the unexpected issues that often arise including, but not limited to:
- What happens if the closing does not take place?
- What happens if inspections find defects, lead-based paint, asbestos or termites?
- What happens if the seller fails to disclose defects in the property?
- How do I determine if seller’s alterations to the property were properly permitted and approved?
- How do I handle the conflicting interests of the parties and professionals involved?
Commercial property transactions, by their very nature, are typically more complicated than the sale of a residence, due to the larger amounts involved, additional provisions, and participation of additional parties to the purchase or sale. Other requirements may include, but are not limited to:
- Operating Statements detailing income and expenses of business operations
- Certified copies of all Leases, Estoppel Certificates for each tenant, and Rent Rolls
- Environmental Site Evaluation Reports
- Site Improvements Inspection Reports
Regardless of the type of real estate transaction, the closing process is the most important part of a residential or commercial real estate transaction. It is crucial that you seek the legal expertise of a trusted, experienced real estate attorney to help you navigate through this difficult and complicated process.
Call the Law Offices of Jarrett R. Williams, P.A. today to have our attention to detail and real estate transactional and litigation experience provide you with the insight to achieve solutions to your most complex real estate matters.
“Detail. Insight. Solutions.”