Finding the perfect property to buy for your business is exhilarating and frightening all at the same time. You are probably excited about the possibilities that the property will offer your business but you are concerned that something is going to go wrong before closing. This is understandable but learning a bit about the process and what to expect might help you feel a bit less stress.
Consider these tips to help you get through the commercial property closing:
Gather the documents you need for the closing
This includes your photo identification, cashier's checks for any payments due, your copy of the purchase agreement, proof that you have insurance, and any invoices you have for unpaid assessments, taxes or utilities.
Make sure you schedule the closing at the right time
Typically, Mondays and Friday afternoons aren't good times for closings. This is because many businesses have business that came up over the weekend to handle on Mondays and possibly staffing issues on Friday afternoons due to people heading out early for the weekend. These can both mean that you have to deal with slower than normal service from third parties even if the people directly involved in your closing are present.
Remember that you have to do your part
Oftentimes, the closing schedule and even the meeting depend on everyone doing what they need to do. If there are things that you are asked to do, verify with your lawyer that you should handle them. There is a chance that you might have to have some documents reviewed or even updated before the closing date. Do your part to get this done.
If you notice that anything is amiss, consult with your attorney. This helps to protect you and your business.