What You Need to Know About the Commercial Closing Process in Florida
Commercial closings can be more complex than residential closings, which makes it even more important to have an experienced team of title attorneys and real estate financing professionals to guide you through the process.
- Preparing closing documentation
- Assessing and clearing title problems
- Property record searches for title verification
- UCC searches
- Settlement coordination for property transfers
- Title searches for sales, loans, foreclosures, short sales, debt workouts
- Construction loan disbursement agreements
- IRS 1031 exchanges
- Single or multi-site title insurance transactions
How Commercial and Residential Closings are Different
Commercial and residential closings are similar in various ways, including the need for a thorough title search and title insurance, but they also have significant differences to note including some of the following:
Commercial closings often involve larger amounts of money and more complex transactions.
Commercial title searches usually have a need to focus on zoning; it is critical that zoning ordinances will not conflict with the purchasing owner’s intended use.
Although some do, the vast majority of commercial real estate sales do not require a closing disclosure as mandated by TILA-RESPA rules.
Regardless of whether you are purchasing a small storefront or a large commercial office building, it will be beneficial for you to work with a title company that fully understands commercial title verification, title insurance, escrow, and the closing process.