Tips on Closing Your Commercial Real Estate Property

Congratulations you’re ready to purchase your commercial real estate property and the closing date & time has been set. What should you bring or do to make sure this goes as smoothly as possible?

First, bring along your drivers license or a picture ID for verification purposes. The title company will require this. Second, what address do you want your closing papers and title commitment sent to? The property you are buying, your home address or another business address?

If you are buying the property in a corporation or LLC you will need the corporation documents for the title company. This includes minutes of the meeting of the stockholders or the members of the LLC that you had a meeting on such and such date and you approved the following to transact business on behalf of the entity. This can be as simple as handwritten or typed or as formal as having an attorney provide the information. You also might want to print off the Certificate of Good Standing from the Secretary of State stating that you have paid your corporate tax and are in good standing. If you have not done this get it done quickly and print off your receipt so you can show that your company is in good standing.

You should have received a closing statement showing how much money you will need to bring to closing. If you are buying the property for cash then it would be the full purchase price plus and fees the title company pays and minus any credits from the seller (such as taxes, seller prepaid costs, seller agreed credit for repairs, etc). These funds need to be certified so it needs to be a cashier check, or you can get wiring instructions from the title company to wire transfer the funds to the title company. If you are financing the property, then the amount would be the amount that the lender is requiring you to put down as down payment.
​
Finally, show up a little early so everything can start on time or even early. Hopefully, your broker has explained these things to you prior to the day of closing so the stress of the closing will be minimal. Give yourself a high five for taking the next step in commercial real estate ownership. 
If you are looking to buy or sell a commercial property in the Casper, Wyoming area give Baker Real Estate a call today! We are your best local commercial real estate option.