When you plan to purchase a piece of commercial real estate, you no doubt want the transaction and “deal making” process to be completed as quickly as possible. This may result in your pressuring the selling party to close on the deal fast. The seller, worried that the deal will not go through, could be more than willing to comply with your request.
However, when setting a closing date for a commercial real estate deal, it’s vital that you stay realistic with timing. Set a closing date that’s doable — not one that’s a fantasy.
There are a lot of things that may need to happen in between the time you set your closing and the time of the actual closing. Fortunately, an experienced real estate transaction lawyer will be able to help you determine whether your closing date is realistic or not before the purchase offer is completed.
The kind of financing your choose for your real estate purchase could require a longer time frame before your closing date is finalized. For example, you may need two months instead of one month in between the time you make the offer and the date of the closing. Another thing to look out for are repairs that must be made before the closing. Be sure to allow sufficient time for all required repairs to be completed properly.
Do you have your sights set on a commercial or residential property that you want to buy? A Michigan real estate lawyer can help you navigate the process of buying your property and minimize unwanted surprises.
Source: MLive.com, “What Could Delay a Real Estate Closing,” accessed Sep. 13, 2017