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Posts tagged "Commercial Property Closings"

Why it's not always ideal to buy a preconstruction Florida condo

Melbourne realtors often clamor to get an exclusive listing to sell units in a condo building the moment they hear that a new Florida development is in the works. They attract customers in the market for a newly constructed home by telling them that the earlier they buy, the better the price will be. They also let them know that they customize their unit. Even though it may seem ideal to buy a condo during the preconstruction phase, that's not always the case.

A commercial closing attorney can keep you from being defrauded

According to a report published by the Federal Bureau of Investigation's Internet Crime Complaint Center in 2017, there were 21,887 cases of wire fraud reported in Florida that year. This didn't just pose a threat to parties to residential real estate transactions. Research shows that fraudsters are targeting commercial buyers and sellers at an alarming rate too.

Can you get time to read all closing documents?

When you close on a property, you need to sign a lot of different documents. Often, officials will simply give you a quick rundown of what the page says and what it means before you sign. This speeds the process along for everyone involved.

Have your attorney review your commercial property purchase

You might be ready to take the plunge and buy a commercial property in Florida. Maybe your business needs more warehouse space. Or perhaps you are looking for a good investment in a growing market.

Preparing to close on a commercial property

If you are buying your first commercial real estate property as an investment, it is likely that you will feel like you are walking into the unknown to some extent. You have also probably conducted a great deal of analysis on how the property will be able to provide you with income in the future -- but you may have overlooked possible expenses that cannot be easily foreseen.

What can cause delays in closing on commercial real estate?

Florida business owners often ask how commercial real estate closings differ from residential ones. One stark difference that you'll come to notice quite quickly is that the former is far less regulated than the latter. One of several reasons that Melbourne commercial real estate closings get delayed is because there's no set standard form or procedures that must be followed as part of this process.

How long does it typically take to close on a commercial loan?

In business, time often equals money. Companies are often motivated to quickly close on the commercial properties that they want to buy because the sooner that they do, the sooner that it is that they can start generating much-needed cash to begin paying off their investment. This is perhaps one of the reasons that Florida business owners ask how long it will take to close on their commercial loans.

Watch for signs of fraud in a commercial property closing

An executive in the Florida title insurance industry has cautioned buyers of commercial properties that the risk of cyberfraud in commercial real estate deals is growing. Fraudsters now seek to profit from larger deals than home sales. Residential real estate previously had been the target.

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