Charleston, South Carolina Commercial Closings Attorney
Purchasing or selling commercial property is often a major investment, with respect to both time and money. When conducting commercial transactions, there is often an interest by both sides in completing the process as quickly and efficiently as possible. Time is money, especially when commercial real estate is involved.
Commercial closings are complicated and can be quite legally challenging. At Cobb, Dill & Hammett, LLC, we seek to uncomplicate the process of commercial closings for our clients. By providing skilled legal counsel, backed by years of experience, and a deep understanding of South Carolina real estate law, our dedicated commercial closing attorneys are able to negotiate highly effective and financially beneficial real estate deals for our clients. Whether you are closing on a commercial property or considering purchasing commercial real estate, our legal team can assist you. Call us today at 843-936-6680 to learn more.
We Offer Comprehensive Commercial Closing Services
Commercial real estate differs from residential real estate transactions in several ways. Broadly speaking, commercial real estate offers fewer protections for buyers while allowing for more intensive negotiating and deal-making. Because of this, hiring a skilled attorney to advocate on your behalf can be extraordinarily valuable, and can help ensure your legal and financial rights remain protected.
Our team of experienced real estate lawyers has experience representing clients across a diverse range of commercial closing matters, including:
- Creating legal entities
- Assisting during due diligence
- Title and closing paperwork
- Purchase and sale contract drafting and execution
Commercial closings involve a great deal of paperwork, legalities, and legal terms that may be overwhelming and confusing to real estate buyers and sellers. Whether you need documents reviewed, a legal entity formed to streamline the commercial real estate purchasing process, or need assistance in handling the real estate purchase negotiations, Cobb, Dill & Hammett, LLC is here to help.
There are four main steps that are involved in the commercial closing process, namely:
- Escrow: During escrow, a neutral third party will be assigned to hold money in an account until either all the escrow requirements are met or one party withdraws from the transaction. No money is permitted to leave the escrow account until both parties have fulfilled their conditions, which adds a layer of trust to the transaction. Compared to residential closings, escrow is more formal and controlled in commercial closes. Both parties have the ability to establish the conditions of escrow, allowing for flexibility and negotiation.
- Legal Entities and Authorities: In many cases, a commercial real estate deal is made between two or more legal entities, rather than between individuals. This is often done to limit liability. Thus, our clients often wish to create a legal entity, namely a corporation or an LLC, before they conduct the commercial real estate transaction.
- RESPA and Due Diligence: The Real Estate Settlement Procedures Act (RESPA) is the primary federal legislation that governs residential sales. Since RESPA does not apply to commercial closings, buyers and sellers must perform detailed due diligence on the property they wish to purchase. Moreover, there must be greater care taken in the structuring of the real estate agreement, and the documents used to conduct the transaction.
- Title and Closing Paperwork: Before closing a commercial transaction, both parties must review the assumption of leases, deeds, environmental reports, zoning disclosures, and any other documents that were drafted during the process.
What Is Involved in the Commercial Closing Process?
While commercial real estate transactions offer fewer protective measures for the buyer, they also allow for greater freedom and flexibility when making real estate deals and negotiations. This can be extremely valuable, especially from a legal perspective. In commercial closings, our experienced commercial real estate attorneys are able to exercise creativity in the deal-making process, which can result in a financially profitable transactions for our clients.
Overall, commercial closing transactions involve a variety of legal complexities that can complicate the overall process. Finding a knowledgeable real estate attorney can help ease this burden and ensure that the transaction is smooth and efficient and protects all legal and financial interests.
How Can Cobb, Dill & Hammett, LLC Help?
As a full-service law firm, we pride ourselves on the ability to address the legal needs of businesses, companies, and individuals across different areas of law. Real estate transactions, and the laws surrounding them, can be complex and take away focus from your business or life. We work to keep commercial closings, as well as other real estate transactions, as quick and efficient as possible. As fierce negotiators, we work diligently to ensure the best outcome for you. To speak with a skilled real estate attorney, consider contacting Cobb, Dill & Hammett at 843-936-6680 today.