Anatomy of a Commercial Real Estate Closing

An essential skill for an attorney to master is providing competent representation to a client during a commercial real estate closing. This program will focus on the “New York” style escrow closing, which has become more popular nationwide due to the COVID-19 pandemic.  In a New York-style escrow closing, all parties sign documents and exchange funds using a neutral third party, such as a title company, to hold the documents and funds until all conditions are met. This method is preferred by many because it minimizes risk and streamlines the process. There are essential steps to take after a purchaser has completed its due diligence investigations and throughout the closing period. A smooth closing is achievable with organization, clear communication, and effective planning among purchasers, sellers, and lenders.

This program will provide information to tie up any outstanding post-closing issues (i.e., preparing closing binders for clients, confirming documents have been recorded and returned to the proper parties, and exchanging any documents post-closing). Attendees will be provided with best practices for attorneys interested in managing the real estate closing process from the perspective of seller’s counsel, purchaser’s counsel, and lender’s counsel, ensuring that risk is limited and closing delays are avoided.

This program is intended for attorneys with little to no experience with real estate law who want to learn how to properly manage a commercial real estate closing for their clients. However, it will also be a good refresher with tips and tricks for attorneys at all levels.

Learning Objectives:

• Explain your role during the closing period between the end of the due diligence period and the day of closing
• Identify the necessary documents, closing objectives, and required items as Lender’s counsel
• Identify the essential documents, closing objectives, and items needed as Seller’s counsel
• Identify the necessary documents, closing objectives, and required items as Purchaser’s counsel
• Explore the Title Company’s role as the neutral third party

Production Date: 11/26/2024 | Closed captioning (CC) available