Commercial Real Estate Closings
We’re With You
Every Step of the Way
Whether you’re buying a new building, refinancing a current loan, or obtaining a line of credit, The McCord Law Firm, LLC can assist you with your commercial real estate closing. We understand that your real estate transaction is a significant and costly investment that will influence your finances for years to come. The McCord Law Firm, LLC works closely with realtors, mortgage brokers, and lenders to ensure a smooth closing process for all parties involved in real estate closings.
The McCord Law Firm, LLC assists individuals, businesses, real estate agents, lenders, and title companies with many different services including but not limited to:
Commercial Closings and Leases
Second Mortgage and Equity Line Closings
In South Carolina, an attorney is required for all real estate closings regardless of whether a commercial or residential property is involved. All borrowers, purchasers, and sellers are entitled to be represented in the transaction by the attorney of their own choosing. Even if the seller or mortgage company is paying closing costs, you are entitled to use the attorney you want.
What to Expect
It’s important to find an experienced and trusted commercial real estate agent to help you search for properties that meet your needs and budget. If you do not currently have a great commercial real estate agent, then we would be happy to provide you with a referral. Once you find a property that meets all of your needs and your budget, your agent can negotiate an offer on the property. With commercial real estate, this typically starts with a more informal Letter of Intent. This helps the buyer and seller to work out the terms of the transaction in terms everyone can easily understand before creating a formal contract. The contract may be drawn by either the buyer’s or seller’s attorney, or it may be a standard contract. In either case, both buyer and seller should have the contract reviewed by an attorney and an accountant prior to signing.
Once under contract the due diligence process begins. This process is likely to vary a bit depending on the property and the lender, but typically the steps are as follows:
Perform a preliminary environmental study
Perform any physical inspections of the physical property and the building
Verify zoning and any business requirements with city/county
Review the title
Request an appraisal
The final step is closing the purchase. The closing process is similar for both residential and commercial transactions.
The Commercial Real Estate Closing
Where We Come In
The Closing is the last step in buying a building or piece of property. At the closing, all legal documents are signed. These documents may include your mortgage, note, and deed, which is signed by the seller grants you ownership of the property.
The Closing Disclosure or HUD settlement statement outlines the financial obligations related to your mortgage. Per the contract, either the buyer or the seller may agree to pay certain closing costs related to the transaction.
Once these steps are complete, the buyer will receive the title to the property and the seller or a representative will finally give the buyer the keys to their new building, which means the long process of becoming a commercial property owner is finally over, and the owner can now enjoy their new property!
Why Choose Us
Seasoned Lawyers. Small Firm Advantage.
At The McCord Law Firm, LLC, we make every effort to earn our client’s trust by listening to the client’s needs, keeping the client up to date, always returning calls, and providing the highest level of legal advocacy.
We would love the chance to talk to you to see how we can assist you with moving into your perfect space.
Get in Touch
We’d Love to Hear From You
Here at The McCord Law Firm, we care about you and your unique challenges. Even if we’re not able to help you in your exact situation, we’ll always guide you in right direction.