If you’re looking to make your first or your next commercial purchase, you’ll want to bring a professional into the fold to ensure everything runs smoothly and your interests are protected. But where can you turn to find this ally? While there are plenty of entities that can assist with the purchase process, we think you’ll find that a title services team is the glue that holds the whole transaction together. In today’s blog, we explain why it will be easier to connect with all other relevant parties during the commercial purchasing process if you let a title services company take the lead.
How Title Service Companies Keep It All Connected
When it comes to purchasing commercial property, a title services team is like the point guard on a basketball team, while you’re the head coach. Much of the success of the operation runs through us, but we’re operating under your direction. We get other parties involved in the offense and ensure they take care of their duties in line with your vision. This all becomes a little clearer when you see all the parties your title services team can work with during the process of the sale. Those entities include:
- Sellers And Buyers - We work to connect sellers and buyers and can act as a neutral third party to hold funds to ensure each party follows through on their obligations.
- Real Estate Agents - We can contact real estate agents to help arrange showings or secure more information about a property.
- Lenders - We can talk with your financial institution to ensure certain requirements are met in order for you to secure the loan. For example, we can read the loan contract and help you secure a lender’s title insurance policy prior to closing, as this is generally required before a financial institution will grant the funds for a loan.
- Investors - If multiple investors are uniting to secure a commercial property, we can act as a middleman or a central figure so that all parties know where to provide information or who to contact for actionable items.
- Developers - We will make sure that your commercial property is zoned in such a manner that is consistent with any development plans you have. We’ll connect with any developers to ensure your vision is feasible based on zoning regulations and land use policies.
- Builders/Contractors - We can hold payments and issue them to builders or contractors as projects are completed. This helps keep projects on schedule, as builders know where to seek payment once they’ve completed their work. This also takes another task off your plate.
- County Register Officials - We’ll connect with county register officials while researching a title to dig into its history and uncover any defects that need to be resolved prior to closing.
These are just a few of the entities that we work with during the commercial buying process, and we think you’ll see how helpful we can be as closing day draws near. For more information on how we can help you secure your next commercial property, reach out to the team at Commercial Partners today at (612) 337-2470.