Do you want to know about the commercial closing process from a real estate lawyer’s perspective? If so, chime right is as we discuss the process further.
What is the commercial real estate process? The process is traditionally much longer compared to residential closing. You can pull from contract to closing around 30 to 60 days in a residential closing. The commercial real estate lawyer needs more time in a commercial transaction because there are many details to work out.
In commercial closing process, the first step is negotiating the details wherein the commercial real estate lawyer goes back and forth between both parties. Commercial closing often starts with a letter of intent in which these are the terms agreed upon and will proceed onto the next step in getting the contract, and the rest of the details ironed out.
Once the contract is out, both parties should sign it and the inspection period begin. Start performing all the inspections you might need to see if there are any issues with the commercial building to ensure that you can use the property for the intended purpose.
When the inspection period ends, you will proceed to the most challenging part, preparing all the documents. When closing the deal, you have your commercial real estate lawyer beside youyou, and he will explain everything about the documents before they tell you to sign the papers.