Commercial Closings Attorney in Philadelphia, Pennsylvania

Commercial real estate transactions often involve buying or selling properties that are used for business or income-generating purposes. However, there are a lot of complex procedures involved in closing a commercial real estate transaction, including conducting due diligence, reviewing corporate documents, drafting contracts, and other necessary legal documentation. In addition, you will need to choose an escrow, verify the signing authority, and sign the property title and other closing documents. 

If you’re involved in a commercial real estate transaction, or you want to understand the closing procedure for commercial property, speaking with a Pennsylvania commercial real estate attorney is important. At Richard L. Vanderslice, P.C., we take pride in assisting clients in their commercial real estate transactions. Our trusted attorney will understand your situation and direct you through the legal procedures involved to ensure a seamless and successful commercial closing. 

Richard L. Vanderslice, P.C. proudly serves clients across Philadelphia, Pennsylvania, and the surrounding areas of Philadelphia County, Montgomery County, and Delaware County. 

What Is Considered Commercial Real Estate?

Commercial real estate can be described as an investment property that is used for business purposes or to generate income for the property owner. Commercial property can help generate income through rental, lease, or capital gain. Common examples of commercial real estate include industrial properties, office spaces, hotels, mixed-use properties, multifamily complexes, and retail spaces. Commercial leases are often longer, and the rental business may be allowed to customize the space. 

The Closing Procedure for Commercial Property

In commercial real estate transactions, closing involves the final step in the real estate buying and selling process. Here are the steps involved in a commercial real estate closing: 

Letter of Intent: The letter of intent describes the parties involved in the commercial real estate transaction, the property’s location, the agreed purchase price, and important details. 

Draft Purchase and Sale Agreement: The seller will draft the purchase and sale agreement to contain extensive details about the property and real estate transaction. 

Due Diligence: Due diligence requires the buyer to investigate and discover various information about the commercial property. The buyer will study the building’s structure, condition, property survey, financial review, title review, and other specifics. With this, they can make an informed decision about purchasing the property. 

Escrow Agreement: However, a huge amount of money is often involved in real estate transactions. Also, the funds may come from different sources. Hence, both parties must negotiate an escrow agreement with well-detailed terms. In addition, the escrow agent must verify that both parties have satisfied the agreement before funds are released. 

Signing Authority Verification: Also, when a corporation or legal entity is involved in such commercial real estate deals, extra steps must be taken to make sure the person signing on behalf of the legal entity or corporation is eligible to do so. Escrow money will only be released once the signing authority has been verified. 

Closing Documents: The closing documents are legally binding documents required to complete the transaction. These include deeds, title paperwork, assignments and assumption of leases, environmental reports, zoning disclosures, assignments of liability, and warranties. 

An experienced Pennsylvania commercial closing attorney can help review the documents to make sure they’re accurate, signed properly, and address all procedural requirements to close the real estate transaction. 

How Legal Counsel Can Help 

Real estate deals involving commercial properties often involve a lot of legal paperwork. In addition, commercial closing can involve several complex procedures depending on the nature of the property, transaction details, and the entities involved. Therefore, when involved in a commercial real estate transaction, working with a seasoned real estate law attorney is crucial to better understand vague terms and to help you make decisions. 

At Richard L. Vanderslice, P.C., we enjoy directing clients through the complexities involved in commercial real estate transactions and closings. Whether you’re trying to buy or sell a commercial property or resolve title disputes and other issues, our dedicated attorney can guide you through every legal step involved. We will work meticulously to address your needs and ensure a smooth and legal real estate transaction.