Who to Call When Buying or Selling a BusinessReal Estate AgentsA realtor is a licensed agent who represents either the buyer or the seller in a business transaction.
A seller’s realtor (or a listing agent):
Title CompanyA title insurance company will often represent both the buyer and the seller and makes sure that the property is clear to sell.
This type of insurance provider performs a few different functions:
A title insurance company also handles the escrow fees and leans and manages deposits and withdrawals, including honest money, escrow fees, realtor or broker fees, taxes, and the final payment during closing.
Property Surveying FirmThe title insurance company often requires a recent survey from the seller as part of the business sale. Suppose the seller does not have one that’s acceptable to the title insurance company. In that case, a property surveyor may be hired by either the seller or the buyer, depending on the terms of the commercial real estate purchase contract.
A surveyor visits the property, maps out the property boundaries, verifies structures within and near the boundaries, and prepares a survey.
Lenders and AgentsBuyers often need to finance their commercial real estate purchases. The lenders in these situations typically require certain things before approving a loan to the buyer. These things include a copy of the commercial real estate contract executed by the seller and the buyer. Other documents may also be required, such as internal documents approving the purchase of the property, if the buyer is an entity.
Commercial Real Estate LawyersA commercial real estate contract is complex and includes many essential terms and conditions. An attorney can add value to your commercial real estate transaction in various ways.
Protecting Your DeedsA seller’s attorney can protect the seller’s interests by drafting a commercial real estate purchase and sale agreement with terms favorable to the seller. Alternatively, a buyer’s attorney can protect the buyer’s interests by thoroughly reviewing the terms of the sale agreement drafted by the seller’s attorney. They’ll also help you, as the buyer, understand your rights and obligations under the contract. The seller’s and buyer’s attorneys will also negotiate fair and favorable terms for their respective clients.
A seller’s realtor (or a listing agent):
- Markets a property
- Helps to find the right buyer
- Makes an offer to a potential buyer on behalf of the seller
Title CompanyA title insurance company will often represent both the buyer and the seller and makes sure that the property is clear to sell.
This type of insurance provider performs a few different functions:
- Conducts a title search of public records on the property
- Examines the survey
- Discloses any title defects such as undisclosed liens, unpaid taxes, erroneous public records, or easements
A title insurance company also handles the escrow fees and leans and manages deposits and withdrawals, including honest money, escrow fees, realtor or broker fees, taxes, and the final payment during closing.
Property Surveying FirmThe title insurance company often requires a recent survey from the seller as part of the business sale. Suppose the seller does not have one that’s acceptable to the title insurance company. In that case, a property surveyor may be hired by either the seller or the buyer, depending on the terms of the commercial real estate purchase contract.
A surveyor visits the property, maps out the property boundaries, verifies structures within and near the boundaries, and prepares a survey.
Lenders and AgentsBuyers often need to finance their commercial real estate purchases. The lenders in these situations typically require certain things before approving a loan to the buyer. These things include a copy of the commercial real estate contract executed by the seller and the buyer. Other documents may also be required, such as internal documents approving the purchase of the property, if the buyer is an entity.
Commercial Real Estate LawyersA commercial real estate contract is complex and includes many essential terms and conditions. An attorney can add value to your commercial real estate transaction in various ways.
Protecting Your DeedsA seller’s attorney can protect the seller’s interests by drafting a commercial real estate purchase and sale agreement with terms favorable to the seller. Alternatively, a buyer’s attorney can protect the buyer’s interests by thoroughly reviewing the terms of the sale agreement drafted by the seller’s attorney. They’ll also help you, as the buyer, understand your rights and obligations under the contract. The seller’s and buyer’s attorneys will also negotiate fair and favorable terms for their respective clients.