Commercial Closings
What You Need to Know About the Commercial Closing Process in Florida
Commercial closings can be significantly more complex than their residential counterparts and that’s why it’s even more important to have a team of title attorneys and real estate financing experts on your side.
Aspects of the Commercial Closing Process
At Florida Title Company, we have expertise in all aspects of the commercial closing process, including: .
- Preparing closing documentation
- Assessing and clearing title problems
- Property record searches for title verification
- UCC searches
- Settlement coordination for property transfers
- Title searches for sales, loans, foreclosures, short sales, debt workouts
- Construction loan disbursement agreements
- IRS 1031 exchanges
- Single or multi-site title insurance transactions
How Commercial and Residential Closings are Different
While commercial and residential closings have many similarities, including the need for a thorough title search and title insurance, they also have several differences, including:
Commercial closings often involve significantly larger amounts of money
Commercial title searches usually need to focus strongly on zoning, to in sure that zoning ordinances won’t conflict with the new owner’s intended use
Most commercial real estate sales do not require a closing disclosure as mandated by TILA-RESPA rules (though some do)
So, no matter whether you’re closing on a small storefront or a large commercial office building, it pays to have work with a title company that understands all the ins and outs of the commercial title verification, title insurance, escrow, and closing process.