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What should I look for when closing on commercial real estate?

Both residential and commercial real estate closings used to involve both the seller and buyer sitting at a table to finalize a purchase, but a lot has changed over the years. Most closings are now handled electronically at a distance. While this may be convenient for some, it makes it even more important for sellers and buyers to practice some due diligence of their own to ensure their closing goes as smoothly as expected.

One piece of information that you'll want to look at closely when reviewing your paperwork is to see when the closing is set for. The reason why it's often scheduled for at least a month out is so that you'll have time to do your due diligence before it closes.

As you near the time of your commercial closing, you may want to free up some time in your schedule to speak with your financial planner, bank or attorney to make sure that your finances and paperwork are in order for the closing. If they mention that revisions are in order on the contract, then it's important that you address them right away as certain delays may give a seller a valid reason to pull out of the deal.

You may be able to negotiate better contract terms when you're responsive. If your seller attempts to pull out of the deal, then it's easier for you to make demands in your favor if you can show that you had done everything necessary to move forward with it on your end.

Even though you may not have to be at a specific place at a certain time on the day of your closing, you'll want to make sure that you're at least accessible by phone, internet or both. This is important in case something goes awry and your attorney, bank or the closing agent needs to contact you right away in order for the deal to go through.

Commercial real estate is much different from residential real estate in that, no matter whether the transaction is being handled in Florida or any other state, the former is far less regulated than the latter. This is one of the reasons why it's imperative that anyone buying real estate in or around Melbourne has their interests protected by a commercial property closings attorney throughout the purchase process from start to finish.

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