Sarasota Commercial Real Estate Closings Attorney

Key Steps in Sarasota Commercial Property Closings:

• Contract Negotiation - 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 Period – 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.
• Finalizing the 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.