Michigan Commercial Real Estate Lawyer
When a piece of real estate or property is sold, this is known as real estate closing, or a settlement. Not only will the buyer procure the building or piece of land, but he or she will also inherit any remaining payments or mortgages on the property as well, claiming fiscal responsibility for those debts.
If you are going to enter a commercial real estate closing soon, a real estate closing attorney can help protect you and your assets by reviewing the terms of agreement. If provisions need to be added to the contract, or portions of it edited or deleted altogether, you will want a knowledgeable practitioner of real estate law by your side. The team of professionals at Meroueh & Hallman LLP has years of experience with real estate contracts at its disposal to help guide you through this complicated process.
What is the Process for a Commercial Real Estate Closing?
The real estate closing process for commercial properties is not necessary altogether different from that of residential or industrial properties, but it can be far more complicated. As space within a commercial property is likely being leased to other parties – such as companies using particular office suites – the amount of paperwork required can seem heftier and more convoluted, and you may require additional permissions when looking to purchase or buy.
There are a few main steps you should expect when processing a commercial real estate closing:
- Submission of title order: A lender or real estate agent will have to provide relevant information on the property to you to assess and sort before submission. If you have made the choice to retain a seasoned real estate closing attorney, the paperwork can be given to him or her instead. It is highly advised you seek professional counsel, if only because of the complications in this step alone.
- File processing: Additional reports need to be collected with the new settlement agreements, ranging from inspection and maintenance reports to loan statements.
- Title search and examination: Any public records involving the commercial real estate property need to be filed. In summation, a detailed history of the property needs to be created.
- Preparation: Oftentimes, forms will need to be copied in triplicate to provide a copy for the seller, the buyer, and any banks or third parties involved in the settlement.
- Settlement: At the time of the actual closing, deeds will need to be signed, as well as a settlement statement. It is so important to ensure all provisions are correct and agreeable before you sign anything. Retaining an experienced real estate attorney to double-check the work can save you time, money, and headaches.
I Need Help for a Commercial Real Estate Closing
Whether you are buying or selling a commercial real estate property, you shouldn’t have to go through that procedure alone. At Meroueh & Hallman LLP, we take a great deal of pride in handling cases both correctly and personally. Reaching a reasonable settlement the first time through can relieve you of stress for years to come as well as give you peace of mind, and we want to be the Michigan real estate attorneys that help you get there.
To obtain or learn more about the Firm's Real Estate Services, contact us.
