When you are preparing for the closing of commercial real estate, it's a good idea to see both your real estate agent and your real estate lawyer for help with the process. Once all of the contract requirements are fulfilled, it will be time to meet with the buyers and real estate agents (both yours and the buyer's) for the closing.
Do Ask Any Questions You Have
When you're preparing for a closing, your real estate agent is your best ally. It's totally okay to ask questions when you have them. Your real estate agent wants you to feel confident and excited about the closing. Whether you have questions about scheduling the pre-closing inspection, what you need to bring to the closing itself, who should attend, or something else entirely, ask away.
Don't Neglect Any Necessary Inspections That Need to Be Completed
Sometimes you may be required to complete certain inspections before the closing. A big mistake that some sellers make is neglecting this or doing it way too close to the time of the closing. If you are required to have a termite inspection, take care of it as soon as possible. Also, keep open communication with the commercial real estate buyers to let them know that it's been completed.
Do Go to the Closing with Your Real Estate Agent
Your real estate agent will plan to go to the closing with you, and you should always welcome their presence at the closing. Even if it's clear that all the work has been done beforehand, your real estate agent will be happy to be there for you as a courtesy unless you've made other arrangements. Because you never know when something unexpected may come up, it's a great idea to attend the closing with your realtor.
Don't Expect Any Two Real Estate Closings to Be the Same
Although you may have had completely smooth sailing in a previous closing, that doesn't happen with every closing. Your real estate agent can guide you through the process. However, there are some things that are out of the control of either of you.
Some matters such as installment sales, new construction, lease options, condominium conversations, or even method of payment can influence a closing. Be organized and prepared to the best of your ability, but don't worry if you've been thrown a curve ball by the other party.
Finally, keep in mind that each real estate closing is sure to be unique with its own set of requirements and challenges. Special circumstances may arise. No matter what comes your way, don't be afraid to reach out for help if you need it. Having a team to represent you can help ensure that your best interests are protected, and you can reach out to your real estate agent for help throughout the process of selling your commercial real estate.