Managing the process of buying a commercial property

Florida’s burgeoning and diverse economy includes a huge amount of real estate, from store lots in Miami to large farms outside Orlando. Residential real estate transactions occur faster every year, and commercial property sustains businesses through owners and generations.

Attorneys with commercial real estate experience are fully aware of the complexities of commercial property purchases and sales. Buyers, sellers, real estate agents, lenders and business owners may avail themselves of legal representation to avoid later disputes and losses.

Once an initial property sale contract has been signed by the buyer and seller, the lender (if the transaction is financed) or agent (in the case of a cash transaction) will submit a request for title to the closing attorney chosen by the buyer. That request will include the sale contract.

This should begin the processing phase. Tax information for past and current years may be required, as well as loan payment statements to show the financial condition of the buyer. Physical surveys, inspection reports and evidence of hazard insurance are also often required.

The title will be searched in the Florida county where the property is located, and any claims related to the property will be examined by a title insurance underwriter. Any information will be included in a title report to the closing attorney.

The closing attorney will then inspect the report and issue a title commitment to the buyer. The attorney will also find any issues that must be resolved before the transaction can be completed legally.

Source: Federal Title and Escrow Company, “Real Estate Closing Procedure in Florida,” Matt Bales, accessed Sep. 26, 2017