One of the main reasons that a commercial property transaction might fall through when it is near to closing is because one of the parties has forgotten an important aspect of the transaction that needs to be considered before the relevant documents can be signed.
With that in mind we have created a small checklist of things that you need to keep in mind when closing on a commercial real estate property, to make sure that you cover all of the bases.
You need to ensure that all of the documents relating to the purchase are in place and ready. This includes all of the following:
• A signed letter of intent
• Any and all drafts of the purchase contract
• Any information relating to your legal counsel
• Access agreements
• Any client or portfolio manager authorisation that is required
• A fully completed purchase contract, that will be delivered into escrow
• Documentation for the initial cash deposits for the purchase
• Arranging for any bank accounts required to be…