Commercial property closings must be handled carefully

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.


To Our Valuable Clients:

The federal government has recently enacted legislation to assist citizens and businesses facing uncertain financial challenges due to COVID-19. We are here to help answer questions and guide you through the details of the various processes to procure financial assistance from our government. The acts are very new and more will probably be coming. But they currently provide for dollar for dollar tax credits for payroll for COVID19 related payroll, cash advances and loans that have tremendously favorable terms and in some cases, total forgiveness of the debt.

Please stay as safe as possible during this terrible crisis and if we can help you with questions about the new federal assistance laws, please contact us.

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