If you are looking to purchase or sell a commercial property, there’s a good chance that you’ll eventually connect with a company that offers escrow services. Among other important services that the team at Commercial Partners provides, escrow management is one aspect that sets our team apart from others in the commercial real estate world.
As we’ve talked about on the blog in the past, escrow is an arrangement between two or more parties where a neutral third party holds funds until certain conditions have been met. Working with an escrow company is important because it ensures both the buyer and seller meet their obligations in order to facilitate the sale, but it’s especially essential if certain aspects of the sale cannot be met until or following the closing date. If you need to trust the seller to finish updates or pay off outstanding liens on the property prior to or following closing, working with a neutral third party escrow company can ensure you’re not the one dealing with the fallout if they fail to uphold their obligations.
As you might imagine, the escrow process doesn’t run smoothly every single time. Sometimes disputes arrive, and when both sides believe the other should be the one to correct it, a stalemate can ensue and potentially tank a sale. To overcome this, your escrow company can outline some ways that potential disputes can be handled should they arise at any point in the process.
We can help determine which form of conflict resolution may be right for your purchase or sale agreement so that you don’t run into any unexpected surprises during the sale or acquisition. To learn more about our escrow offerings or full package of title services, reach out to the team at Commercial Partners today at (612) 337-2470.