Investing in Real Estate is a life-changing decision that can bring financial security for all involved. However, any Commercial Real Estate purchase involves significant risk. Every investment needs legal advice and thorough preparation to avoid costly losses caused by unpredictable scenarios. Through the support of an experienced Commercial Real Estate Closings and Title Insurance Attorney, you can protect both your investment and bottom line.
Experienced Commercial Real Estate Closings and Title Insurance Attorneys Ross & Pardun
A Division of Battaglia, Ross, Dicus & McQuaid, P.A.
Howard P. Ross and Andrew R. Pardun have over 50 years worth of successful experience working as Commercial Real Estate Attorneys in St Petersburg. As highly rated litigators, their expertise in the field can help you manage the responsibility of purchasing Commercial Real Estate, and gain immensely important insurance coverage for any loses you may encounter.
Ross and Pardun are attorneys at Battaglia, Ross, Dicus & McQuaid, P.A. which for over 60 years has been providing outstanding legal assistance to St. Petersburg. Battaglia Ross Dicus & McQuaid, P.A. is ranked by US News and World Reports as a Tier 1 Law Firm.
Contact Us for Commercial Real Estate Assistance
If you are considering purchasing or selling Real Estate in Florida, then contact us today for a free initial consultation so we can discuss your closing and title insurance needs.
Commercial Real Estate Closings
Whether you’re the buyer or seller in a Commercial Real Estate closing, there is almost always a mountain of documents that each side has to sign and work through. It can be often overwhelming if you don’t have previous experience. Fortunately, a Commercial Real Estate Closing Lawyer can guide you through the process to avoid any mistakes. The documents include:
- The Purchase and Sale Agreement: This is the agreement between seller and buyer for the purchase and sale of real estate. In Commercial Real Estate this agreement is custom made for each transaction and requires careful attention to detail.
- Warranty Deed: This key document exchanges the title from the seller to the buyer and describes the property being sold. It is recorded in the public records of the county, to allow public notice of the ownership.
- Promissory Note: This states the conditions of any money being borrowed, including loan amounts, monthly payments, interest rates, late fees and all details of where and when payments will be made.
- Survey: A document prepared by a licensed surveyor to outline the property’s legal description and boundary lines.
- Appraisal: A licensed Florida real estate appraiser will provide an independent value determination for the lender.
- Environmental Site Assessment: This document varies with each piece of real estate, as it describes the environmental condition of the property. For example, clean up costs could be very expensive and therefore should be clearly defined in the deal.
- Title Insurance: This is a crucial part of the closing deal, as it protects the buyer and lender against any title faults such as forged deeds or incorrect descriptions.
- Closing Statement or HUD-1: This a summary of all the closing costs, debits and credits owed or to both parties. The document states how much the seller nets from the sale, and how much buyer needs to pay to close the purchase.
Commercial Real Estate Closing Steps
Typically, there are four key steps taken to close a deal: Transactions through escrow, authority verification, due diligence and the signing and processing of the title and all closing documents.
Every Commercial Real Estate transaction goes through escrow. This is when a third party holds the funds until the requirements of the deal have been fulfilled, or negotiations fail. Commercial Real Estate Closings use escrow to ensure your money is safe. Nobody will get paid until both sides of the deal have met their requirements.
In Commercial Closings, each deal has a unique set of escrow agreements. A Commercial Real Estate Closing Attorney will make certain that these agreements are met, to prevent the deal failing and ensuring the other side of the party stays on track too.
Legal Entities and Authority
Commercial Real Estate transactions can quickly become complicated when multiple contracts between two or more legal entities are present. Legal entities are often created purely to limit liability when purchasing commercial real estate. A lawyer will work to make sure all transactions between the entities are legal and suitable for the agreements.
Commercial Title Issues
Commercial Closing is far more complex than people realize, in comparison to residential real estate. It is imperative to have an experienced Commercial Real Estate Closing Lawyer on your side to avoid the issue of liens or any encumbrances and to make the process move along efficiently.
Why Do I Need Title Insurance
Almost every successful Real Estate Purchase and Sale we’ve worked on has involved obtaining Title Insurance. To say it is highly advised is an understatement. Without it, you subject your investment to enormous risk.
Title Insurance protects buyers against financial loss caused by title faults. Without a Title Insurance policy, you could find yourself losing the ownership of the property and paying substantial litigation fees. Your insurer may reimburse you for losses or fight for your interests in a court case.
Finding a policy which protects you from the pitfalls of title defects is daunting, but by hiring a St Petersburg Title Insurance Attorney you can discuss your case to find the optimal solution. A reputable lawyer will have extensive knowledge of Florida insurers from their previous experience, to protect your investment.
Common Title Defects:
- Claims made by missing heirs or ex-partners
- Prior deeds including invalid legal descriptions
- Missing previous mortgage payments
- Federal IRS or State of Florida Liens
- Hidden easements or rights of way
- Issues with property taxes or homeowner assessments
- Survey Issues
- Clerical Errors
- Mental Incompetence
- Forged Signatures
Title Insurance in Florida
- Title insurance holders are protected up to the amount of insurance provided by the policy.
- Title Insurance in Florida is usually priced at around one percent of the cost of the property.
- If you’re buying a property that already has Title Insurance from the builder, you will still require your own Title Insurance, as their policy only covers them and not you.
- Title Insurance Coverage from reputable Florida insurers will last for the entire time ownership of the property.
Hire a St Petersburg Commercial Real Estate Closings and Title Insurance Attorney
Whether you’re looking to buy or sell a commercial property, we’ll work to ensure all of your documents are correct and in line with Florida’s Real Estate laws. We’ll help prepare your closing documents, and verify that your title and deed are flawless so you can go ahead and close the deal. We’ll be your advocates from start to finish, helping you to find dependable Title Insurance for your circumstances.
We have decades worth of experience in Florida Real Estate Law, and we’d love to help you close the deal that can change your life.