Smarter
Data inputs instantly from each contract to generate a custom, automated, closing experience that communicates with all respective parties in real time.
Faster
We have you ready to close, title commitment in-hand, within 72 hours of contract submission.
Easier
Our platform will handle all communication to all parties as well as create and send addendums and then chase parties for their signatures, lightening the workload.
For Less
We can save your clients up to 30% or more over other title companies ( in most states) because of the way we’ve built the company to be remote first without all of the unnecessary overhead.
Navigating the landscape of commercial real estate transactions reveals certain distinctive facets that differentiate them from residential dealings. One major distinction is in the type of parties involved. Unlike residential transactions, where individuals are typically the buyers and sellers, commercial transactions often include business entities like partnerships, Limited Liability Companies (LLCs), or corporations.
Another notable difference lies in the regulatory framework. The Real Estate Settlement Procedures Act (RESPA), which governs the processes and forms used in residential real estate, does not apply to commercial real estate. This means that the forms and procedures familiar in residential transactions are absent, allowing for more flexibility but also demanding more specialized knowledge.
Residential property deals often utilize standardized contracts. In contrast, commercial transactions require tailored contracts to accommodate the complexities involved. Various contracts and documents might come into play, including service agreements for essential equipment, leases from existing tenants, or bills of sale for any included machinery.
Just as with residential properties, obtaining a title commitment is crucial in commercial transactions to ensure there are no legal barriers to transferring the property. This commitment serves as a foundation for clear ownership transfer, though the scope and specifics can differ due to the nature of commercial assets.
Despite these differences, the closing process bears a resemblance to residential transactions. An escrow company diligently reviews all relevant contracts and documents from all parties involved—be it buyers, sellers, or lenders. They prepare necessary legal instruments, manage the financial aspects by collecting funds, and submit the deed to the appropriate county office for official recording. Finally, they handle the distribution of the transaction's proceeds to the rightful recipients, completing the process with expertise and precision.
In summary, the complexity of commercial real estate transactions demands a unique approach distinct from residential dealings, with specific considerations and requirements integral to the process.
Questions? Call Vincent Hoss @ 888-240-8432