Successful commercial real estate closings do not just happen, it takes an experienced team to pave the way for a smooth transaction. Which is why at The Hub we have implemented a process that walks our clients through each step of the transaction, from contract signature to the moment when the final documents are being signed at the closing table.
Our step-by-step process includes knowing the timeline of when each due diligence item needs to be met, ordering and review of the title work, assistance with obtaining proposals for services required to facilitate the transaction and the scheduling of closing along with a full review of the documents. The closing team works closely with our real estate brokers to guide the transaction through every step of the process.
Below are several important things to consider when it comes to a successful commercial real estate transaction.
Protect Yourself with a Well-Defined Contract
Making sure you include key details in the purchase agreement that is signed is crucial. Having an expert versed in commercial real estate negotiate the contract will make the process much smoother. An experienced broker will be on the look-out for items that need to be addressed like zoning requirements, tenants in the buildings, subdivisions, financing conditions, possible tax issues and much more.
Avoiding Potential Pit-Falls during the Transaction
It is important to be equipped for problems that may arise during the sale. Having an experienced team that understands how to address objections, delays and is familiar with the solutions that are available is the best way to mitigate your risk. Not understanding or resolving these issues quickly when they arise is one of the biggest reasons why sales fall through.
Being Prepared for Closing
Requirements by the title company, their underwriters and regulations by local authorities are constantly changing. Our closing team stays up-to-date on these changes and can advise you in advance of what documentation will be needed each step of the way. We also work with the title company to meet their requirements in advance so when the Buyer says “let’s close” the hard work has already been done.