Did you know that 5.64 million existing homes were sold in 2020? With that in mind, the role a real estate lawyer can play during the closing process is extremely important. Closing on a commercial or residential property in Nashville is not always easy. However, remember to pay close attention to the particulars of your agreement.
Even though specific details vary depending on the transaction, there are several overarching processes that are important to consider. With the help of an experienced real estate attorney, you can guarantee that none of these items will be overlooked, and that all of your questions will be answered.
Here’s what you need to know:
- Understanding the Costs
- Property Documents
- Contract of Escrow
- Duty of Care
- Getting the Deed
Understanding the Costs
Nashville real estate can involve significant expenses that are not always included in the listing price. Closers' costs, particularly those associated with commercial properties, can quickly mount. To be prepared, budgets should be prepared for these costs during the planning stage. While there may not be a clear estimate of the total costs associated with a closing, an estimate should and can be provided as soon as an offer is made.
By working with a Nashville real estate attorney, your lender can try to keep these costs under control and expedite the buying process. Regardless, the buyer should plan on these costs stretching to thousands of dollars.
Generally, Nashville buildings are used for diverse purposes and rented out to a wide range of tenants. Before closing, all leases and operating statements for the last three years should be available for review. In addition, documentation of scheduled maintenance should be available to the buyer. You should check easements, encumbrances, and any other issues related to the purchase of commercial real estate before closing the deal. Negotiation and verification of terms can be expedited and clarified by a Nashville real estate attorney.
Contract of Escrow
An escrow agreement must be completed if you plan to purchase real estate. In general, Escrow is a third-party that holds funds or a contract until all transaction requirements are met or until one of the parties pulls out. An escrow agreement will outline disbursement requirements.
Before closing, the buyer and seller agree on the terms of the escrow agreement. There will be details regarding the escrow agent and the amount of funds held in escrow, along with acceptable methods for using the funds. In the case of an escrow agreement, a lawyer can ensure that you understand all of the specifics.
Commercial real estate closings in Nashville necessitate an experienced real estate attorney. Visit Rochford Law & Real Estate Title today!
Duty of Care
Whether you are purchasing Nashville real estate or selling one, everything involved in the transaction can affect the closing process. It is imperative that you investigate all factors involved to ensure a safe and smart transaction. It is very important to understand property financing, seller stipulations, contractual obligations, zoning restrictions, and legal liability. This way, you won't be surprised by anything at your new commercial or residential property.
Any problems related to the property will become the buyer's responsibility following closing. Thus, a thorough inspection of the property is recommended. Repairs that are found to be too expensive before the closing could require further negotiation. When you go through the purchase process with the help of a real estate attorney, you can get the keys to your property on time and within your budget.
Getting the Deed
Once everything is squared away and your sale transaction has been completed, it’s time for you to get the deed to your piece of real estate. Property ownership is transferred through a deed. The seller guarantees that they own the property they're selling with these sworn and signed documents. With the help of an experienced Nashville real estate attorney, you can receive a deed that grants you the rights to your property.
Depending on your transaction, there are different types of deeds. Adding this step to your list can take up a lot of your time and wallet. It is recommended to have these documents prepared by a real estate attorney so that the disclosures are accurate and follow the proper guidelines. Your real estate attorney can help you speed up your purchase, reduce your costs, and ensure that you comply with the law.
Visit Rochford Law & Real Estate Title for help with commercial real estate closings in Nashville today!