Commercial Closings
Commercial Closings
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and we will file a claim on your behalf.
Commercial Contracts
A complex commercial acquisition and sale requires a contract tailored to the specifics of your transaction. At SOBI Law Group we will draft and negotiate your contract terms and any addendums to ensure your interest remain protected throughout the closing process. As part of your real estate transaction, we also draft any assignments
Business Entity and Corporate Structure
A commercial owners and lenders prefer to limit their exposure and liability to a property. At SOBI Law Group, we assist in the formation or incorporation of entities. Corporate documents in a commercial sale or acquisition includes subscription agreements, resolutions, and operating agreements.
Escrow Services
SOBI Law Group will act as the escrow agent in your commercial and real estate transaction. Due to the size of larger commercial transactions, we are able to manage funds coming in from all capital sources.
Pre-Closing Due Diligence
“Due Diligence” is a broad term and is used to refer to the inspection and investigation of real property, personal property or a business entity before a buyer makes the final decision whether to consummate a transaction. Most real estate contracts call for a fixed due diligence period in which title, surveys, zoning reports, environmental report and lien searches must be obtained and examined. Tenant leases must be reviewed and any objections must be raised within this period. Many contracts call for escrow deposits to go “hard” after this period, as such, investing the time and resources during Due Diligence is imperative to a successful and smooth closing.
Commercial Closing Services include
- Open the Escrow Transaction
- Fee Quotes
- Deposit Funds
- Coordinate Title Issues
- Gather Information
- Organize Documents and Verify Authority
- Demand/Lien Information
- Prorations
- Rents, Tenant Deposits and Estoppels
- Tax Deferred Exchange
- 1099-S Reporting
- FIRPTA – Foreign Investment in Real Property Tax Act
- Property and Casualty Insurance Requirements
At the time of opening a new transaction, the following is typically required
- Purchase and Sale Agreement;
- Sale Price/Loan Amount;
- Property Address and/or Legal Description;
- Assessor’s Parcel Number(s);
- Prior Policy (if available);
- Buyers/Borrowers;
- Contact Information for Professionals (such as listing/selling agent, attorneys and lenders)
Items required to proceed with a commercial real estate closing (Initial) May change as required by Sobi Law Group PLLC
- Organizational Documents for the Entities;
- Copies of Leases;
- Rent Roll with security deposits;
- A list of service contracts or other items to be prorated at closing;
- A list of personal property to be included in the Bill of Sale;
- At least two (2) copies of the survey;
- Original documents attached as exhibits to the contract for execution at closing.