There are a lot of moving parts in any commercial real estate transaction. Thus, there are many things that can throw a wrench into the process. In this article, we are going to discuss a few things that can potentially delay your commercial real estate deal.
Negotiating a purchase price between the buyer and the seller is a common cause of delay in the commercial real estate process. If a buyer is looking for a deal and trying to bring the price down, and the seller is remaining steadfast, it can significantly delay things.
After you have found your property, there are a variety of due diligence tasks that must be performed before you can close on it. Third party reports must be obtained to assess a number of property traits – the appraised value, environmental concerns, title search, etc.
Obtaining the appropriate financing for your commercial property purchase can be a lengthy process, depending on the speed of the lender (as well as the person or business applying for the loan). Any delays in this financing process can add up to larger delays in the process as a whole.
Necessary City Approvals
Depending on the property being purchased, there may be certain city approvals that need to be obtained. This is especially true if there are any changes being made to the property.
Contact Commercial Partners Title Company
Commercial Partners Title Company provides title underwriting and closing services for commercial transactions. We have decades of experience and are recognized as experts in commercial real estate transactions in Minnesota and across the country. Contact us today to learn more about our capabilities and how our team of experts can help you through the details of your commercial real estate transaction. We work with clients all around the United States, but our primary office is located in downtown Minneapolis.