When you want to add a new location to your business or upgrade to a larger headquarters, you can choose to lease new space or buy an office or building. Purchasing commercial buildings that have been properly maintained and updated is a great way to invest your money securely.
We want you to know that not all real estate deals in Missouri and Illinois close without a hitch. When buying commercial property, making one or two small mistakes during the closing process can harm your finances and perhaps your business.
Knowledge secures your real estate transactions
Perhaps you remember the swampland sales scams of the 1960s and 70s. The victims purchased virtually worthless swampland without understanding that they should view the properties in advance of closing. While this incident was not necessarily a closing mistake, it illustrates the importance of knowing what might happen to sabotage your plans.
Real estate closing mistakes commonly plague business owners that have little understanding of how to purchase property wisely. In the interest of improving your knowledge, we have listed four common failures that you should avoid at your closing.
- To ensure the fulfillment of all closing contingencies in your contract
- To look for the presence of title defects (unknown liens, forgeries, etc.)
- To ensure the execution of all closing documents (purchase agreement, addendums, etc.)
- To find out if the deed is in the proper format for recording
Mistakes made when buying a property often lead to substantial financial harm. Unfortunately, this can cause damage to your business operations, too.
As you might imagine, there is much more to purchasing (or selling) commercial real estate than avoiding mistakes at closing. You can improve all your property transactions by learning more about the real estate laws in your region.