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Commercial & Residential Real Estate Closings
Satel Law is a trusted advocate in both commercial and residential real estate closings. Closings include complicated legal documentation that is governed by federal and state laws, and a trusted title agent acts as a third party to facilitate the interactions between buyers, sellers, lenders, brokers, and all parties involved in a real estate closing.
Commercial Real Estate Closings
Closing on commercial property is more involved than closing on residential real estate. Items to consider in a commercial property closing include:
- Requirements such as zoning, seismic risk assessments, environmental site and property condition assessments, American Land Title Association (ALTA) title endorsements, and more
- Parties involved in the closing include the buyer and their attorney, the seller and their attorney, the lender, title/escrow company, corporate officers, board members, and assigned signors
- Closings must include a purchase and sale agreement, which is customized and includes numerous parties, conditions and contingencies to be met
- Additional steps include obtaining a survey, execution of assignment(s) and assumption(s) of leases, Uniform Commercial Code filings, zoning reports, ALTA coverages, access and entry by easement, and environmental reports.
Residential Real Estate Closings
Closing on residential property can have complications, but it is generally a more straight-forward process than commercial closings. Some of the things to consider:
- Traditional home closings are more systematic than commercial closings
- Residential transactions must follow the Real Estate Settlement Procedures Act (RESPA), a federal act
- Parties involved in the closing include the buyer, seller, title/escrow company, and lender
- Contracts are more standardized but should be reviewed and modified as needed
- Additional steps include a home inspection and appraisal
Whether you are closing on a commercial or residential property, utilizing Satel Law to protect your interests will prevent unexpected consequences and unwelcome surprises.