Commercial Real Estate Closings FAQ
Closing on a real estate deal can fill even the most experienced property buyer or seller with anxiety. If something goes wrong – a form contains incorrect information or someone requests a last-second delay, for example – the process can go off the tracks in a hurry.
For individuals dealing with residential real estate, the stakes are obviously high. But in a commercial real estate transaction, the situation can be even more intense. Documents are more complicated; potential tenants might be depending on the closing for their continued success. Having a lawyer on your side who can help make the closing proceed smoothly is a must for those who wish to minimize the potential for errors.
At the Orlando area law firm of Korshak & Associates, our real estate attorneys have the proven, real-world experience to make a real difference for our clients. Our founder, Stephen D. Korshak, has led classes for brokers and lectured on real estate topics. He has personally handled many closings, so he knows what needs to be done to make sure the process is efficient and successful.
Here are some brief Orlando commercial real estate FAQ:
Is an attorney really needed when I am closing?
That depends on your definition of need. Working with a veteran law firm like Korshak & Associates means you don’t have to worry that you’ve overlooked something. We handle closings on a regular basis, so you can rely on our skill and experience in doing so.
What mistakes do people make in their closing?
Often, people do not read the paperwork closely enough, later discovering misspellings and other errors. They do not ensure that the loan amount is correct, that the payment amounts are correct and more. These serious mistakes can cause many problems for the new homeowner.
What questions should I ask during my closing?
Asking questions such as who is paying the closing costs, how much each monthly payment is, is the property taxes being paid by the lender (and factored into the loan), is all the paperwork signed and others. No question is too small to ask during closing, as it is better to ask than skip over something that could be important to your homeownership.
What documents are necessary in a commercial real estate closing on a commercial property?
It varies depending on the type of property and other variables. Our lawyers will make sure you have all the information at the ready so that your closing goes as planned.
Who pays closing costs on commercial real estate?
Typically, the buyer pays the closing costs when completing a commercial real estate transaction. However, sometimes the seller may offer to pay some costs as part of the transaction.