Commercial Real Estate Transactions
At Elite, we bring a wealth of experience and deep industry knowledge to every commercial real estate transaction. Commercial property deals are often complex, involving multiple stakeholders, significant financial investments, and intricate legal requirements. Our team of experts is dedicated to thoroughly examining every detail to safeguard your interests and ensure that your investment is protected every step of the way.Our Process
We understand that commercial real estate transactions can be complex and require a meticulous approach. Here’s what you can expect when you partner with us:
Initial Consultation and Engagement
We start by meeting with you to discuss the specifics of your transaction. Whether you're buying, selling, or refinancing a commercial property, we take the time to understand your goals and tailor our services to meet your unique needs.
Title Order Placement
Once engaged, we order a title search and open an escrow account. This step marks the beginning of our thorough examination of the property’s title history and the secure handling of funds.
Comprehensive Title Examination and Report
Our team conducts a detailed search of public records to uncover any potential issues, such as liens, encumbrances, or claims against the property. We examine deeds, mortgages, tax records, and more to ensure a clear title. After the search, our experienced title examiners review the findings and prepare a title report. This report details the property's title status, outlining any issues that need to be addressed before closing.
Preliminary Title Commitment
The title company prepares a preliminary title search, which outlines the findings from the title search and examination. This report is shared with all parties involved in the transaction, including the buyer, seller, and lender.
Clearing Title Issues
If any defects or issues are found during the title examination, we work diligently to resolve them. This may involve negotiating lien releases, correcting errors in public records, or addressing any legal challenges.
Escrow Services
We manage the escrow account, securely holding all funds and important documents. Our role as a neutral third party ensures that all transaction terms are met before the release of funds, adding an extra layer of security to your transaction.
Survey Coordination and Zoning Review
We coordinate with surveyors to verify property boundaries and review zoning regulations to ensure the property meets all legal requirements for its intended use. This step is essential in avoiding future disputes or compliance issues.
Closing Preparation
The title company prepares for the closing by coordinating with the buyer, seller, lender, and other parties. They ensure all necessary documents are ready for signing, including the deed, settlement statement, and any loan documents.
Closing the Transaction
During the closing, the title company oversees the signing of all documents, ensures the proper disbursement of funds, and facilitates the exchange of the deed. They ensure all financial and legal aspects are handled correctly.
Recording the Documents
Finally, the title company ensures that the deed and any other necessary documents are recorded with the appropriate government office, officially transferring ownership to the buyer.
Issuing Title Insurance
After closing and recording of the documents, the title company issues the title insurance policies for the buyer and lender. These policies protect against future claims or disputes over ownership of the property.
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Services
for Commercial clientsTitle Insurance
Title insurance policies protect against future financial loss due to title defects, such as undiscovered liens, fraud, or errors in public records. This insurance is essential for both buyers and lenders.
Title Examination
A comprehensive search of public records to identify any existing liens, encumbrances, or title defects. This service ensures the property's title is clear and ready for transfer.
Escrow
Acting as a neutral third party, the title company manages the escrow account, holding and disbursing funds only when all conditions of the transaction are met. This service ensures that both parties fulfill their obligations.
Closing
Managing the closing process, including preparing and reviewing all necessary documents, facilitating the signing process, and disbursing funds. The goal is a smooth, efficient closing that finalizes the transaction.
Mobile Closings
Offering mobile closing services where a closing agent travels to the client’s location to finalize the transaction. This service provides flexibility and convenience, allowing clients to close the deal at a time and place that suits their schedule.
Underwriting
Evaluating the risks associated with insuring the title and issuing the appropriate title insurance policy. This service helps protect both the buyer and the lender from potential title-related risks.
1031 Exchange
Assisting clients with 1031 exchanges, which allow the deferral of capital gains taxes by reinvesting the proceeds from the sale of one property into another, following IRS guidelines.
Survey Coordination
Coordinating with licensed surveyors to confirm property boundaries and identify any encroachments or discrepancies. This service is vital for ensuring the accuracy of the property’s legal description.
Zoning and Land Use Analysis
Conducting a thorough analysis of zoning laws and land use regulations to ensure that the property is compliant with local ordinances. This service is critical for clients planning to develop or repurpose commercial properties.
Environmental Assessments
Coordinating environmental assessments to identify potential issues, such as contamination or hazardous materials on the property. This service helps mitigate risks associated with environmental liabilities.
Construction Disbursement Services
Overseeing the disbursement of funds during a construction project, ensuring that payments are made to contractors and suppliers in accordance with the terms of the construction loan and project agreements.