There are many things that can go wrong throughout the course of a commercial real estate transaction. But knowing what those potential pitfalls are can help you avoid them. In this article, we are going to discuss a few things that can lead to delays in your commercial real estate transaction.
Obtaining City Approvals
If any changes are being made to the property in question prior to closing, the city in which the property is located will likely need to approve those changes. In most cases, these approvals will need to be secured before the purchase of the property can proceed. Despite the best intentions, city approvals can take a long time and potentially interrupt your commercial transaction.
Securing Financing
Securing financing is one of the most important steps in a commercial real estate transaction. If you don’t have the appropriate financing in place, you won’t be able to purchase the property. This process can be delayed by a variety of factors including the speed of the lender.
Negotiating Price
Purchase price negotiations between the seller and the buyer can be contentious and potentially drag out the process, especially if the seller is trying to decrease the price by holding out until the last minute.
Find a Title Company that Meets Your Needs
Commercial Real Estate Transactions can be complicated, frustrating, and even scary. It’s important to find a commercial title company that meets the needs of your transaction. Commercial Partners Title can help assuage your fears and navigate the twists and turns of your transaction. We have over 200 years of combined experience among our team members. Let us help you with the ins and outs of your commercial transaction. Contact us today at our Minneapolis offices to set up a time to chat.