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–Annie, a Client in EB-5 Investment Immigration (2024)
–Ms. Liu, a Client in Real Estate (2023)
–Mr. Zhang, a client in China Practice (2023)
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Selling Commercial Property
- Seller signs commission/agency agreement with broker unless you sell the commercial property by yourself without using a real estate agent;
- Seller retains an real estate attorney after having a potential buyer or a binder is provided by the real estate agent with meets the Seller’s expectation;
- Seller’s attorney prepares Contract of Salesas per the binder / agreement and sends to buyer’s attorney for review, such documents may include but not limited to
- Proposed Contract of Sales;
- Rider;
- Survey;
- Existing lease, if any;
- Other special terms or conditions / exhibits set forth in the Contract, if any;
- Seller’s attorney receives four sets signed Contract of Sales with contract down-payment (usually 10% of the contract price) from buyer’s attorney, and deposits into Seller attorney’s escrow account;
- Seller signs the Contract of Sales and two original copies of fully executed Contract of Salesare delivered back to the buyer’s attorney; contract is officially formed; Seller through his / her attorney, shall communicate with Buyer through Buyer’s Attorney in regarding the whole process, which may include but not limited to:
- Deal with the ESA issue if there is;
- Monitor the mortgage process if there is a mortgage contingency clause;
- Handle the title defects, if any;
- Provide other documents that maybe reasonably required by the Buyer’s Attorney,Buyer’s Bank or title company;
- Confirm with Buyer’s Attorney regarding a closing date;
- Prior to closing, Seller, through his/her attorney,shall:
- Orders payoff from the mortgagee, if any;
- Order final meter readings for utilities, if any;
- Arranging final walk through via real estate agent;
- Prepare ACRIS Form & Deed;
- Prepare POA, if required;
- Corporate documents, if needed;
- Calculate the real estate Tax, etc., and provide a check cutting list to Buyer’s Attorney;
- At Closing, Seller and/or Seller’s Attorney shall:
- Be present on time at the closing table with proper ID;
- Sign mortgage documents with your bank Attorney, if applicable;
- Do adjustments on real estate tax, transfer tax (if applies), utilities fees (if applies), tenant’s rent & security deposit, and other fees / charges that may be applicable;
- Sign closing documents which may include ACRIS, Deed, Affidavits, agreement / post-closing agreement (if applies) that required;
- Pay your mortgagee (if any);
- Pay your title bill;
- Deliver keys / possession of the premises as per the Contract, and
- Receive your final balance payment;
- After closing, the property is officially transferred from Seller to Buyer.
*Please take note that the above procedural instruction is for general information only, it is not necessarily the same procedure as the case maybe; please discuss / consult with your real estate attorney for detailed transaction.