February 9, 2016
I plan to buy my office space this year AND a house for my family. What should I expect the process to be like? I have a broker that seems pretty knowledgeable and I hope this person will take care of a lot of details.
I've asked Stacy Spector, Esq.
of our firm to take this one, because Stacy handles real estate purchases and sales on a regular basis. The first step in the right direction for a smooth closing is to work with a knowledgeable, trustworthy and practical broker; someone who will know when to push and when to tell you directly you are being unrealistic. It sounds like you may have that for either or both properties. Most times your commercial property broker will not also be your residential broker. The next step is to be honest about what you want to spend, and to work with a good bank to pre-qualify you and position you for closing. Do not forget to take careful inventory of any furniture or extras you are anticipating included in the purchase, and do not get your hopes up before the engineers report. While most are perfunctory, you never know what skeletons will be in the seller's closet. Once there is an accepted offer, contracts are prepared and negotiated by your attorney and a title search is ordered. Usually a closing takes place about two months after that.
Make sure to have your team in place - broker, attorney and bank. The easiest way to save a little in the process is to get your lawyer involved early so we can be upfront on your demands and cut down back and forth. Also, we want to host the closing at our office so you are not paying for travel!
If Dr F has any more questions, I can be reached at SSpector@Kirschenbaumesq.comor 516 747 6700 x. 304. I'll also mention our firm does agree to flat rates for assistance with the purchase/sale contract and closing for residential and commercial properties. Other costs (somewhat) outside of our control (we know estimates offhand) will include title.