Closing is the last step in the property acquisition process, and you’ll want to do what you can to ensure that closing runs smoothly. With so much at stake, it’s imperative that you don’t forget to bring something to this meeting that could end up delaying or causing the sale to fall through. With that in mind, we want to talk about some of the things you’ll want to bring to a commercial property closing so that you can get a deal done.
What To Bring To A Closing Meeting
Before we share some of the things that we recommend buyers bring to closing for a commercial, your best bet is to connect with the title company that is helping to facilitate the transaction. If you aren’t working with a title company, now is the time to find one, and if you haven’t had much communication with them during the early stages of the process, now is the time to sync up with them and ask them about the closing process. Ask them specifically what you need to bring to closing to ensure everything runs smoothly.
Again, what they tell you trumps the general advice we’re about to provide, but here’s a list of what we ask parties to bring to closing:
-
A valid photo ID, like a driver’s license, a passport or government ID.
-
A copy of your purchase agreement.
-
A cashier’s check if you’ll be making any required payments at this meeting.
-
Proof of purchase of insurance.
The seller also has to bring some documents to closing. They’ll be required to bring any unpaid invoices, taxes or assessments, and a receipt of the most recent payment of mortgage interest. The seller is also responsible for bringing the bill of sale to closing.
As more and more transactions head to the digital realm, it’s incredibly important that you stay cognizant of any common closing scams. Do not open or click on any links from email addresses that you do not recognize or were not expecting to hear from, and triple check that any wire transfers are indeed being sent to the correct institution. If you were told to bring a cashier’s check to closing and all of a sudden are being told to complete the transaction online, it should be a major red flag unless you hear directly from your title company or another party you’ve been working with during the acquisition process. Many scammers are aware of when properties are getting close to being bought and sold, and it just takes one phishing email to make it all worth their time if you make a mistake along the way.
Make sure that closing runs smoothly and your money stays safe by working with a title company like Commercial Partners who will lead the process and be with you every step of the way. With so much on the line, you need to make sure things go exactly as planned, and that’s what we work to achieve for each one of our clients. Let us help close on your first or latest commercial property.
For more information, or for help with a different part of the commercial property acquisition process, reach out to the team at Commercial Partners today at (612) 337-2470.