After Due Diligence But Prior to Closing

2019-04-25T16:13:58+00:00By |Closing|

In most multifamily purchase agreements, there is a due diligence period for the buyer to inspect the property and its management documents to ensure that the terms of the purchase agreement are reasonable and meet with the buyer’s expectations of outcome. However, after the due diligence period has expired, and prior to closing, the buyer may be exposed to unanticipated risks. The first of these risks naturally involves damage to the property and the corresponding cost of repairs and loss of income. To mitigate this potential concern, the purchase agreement should include specific remedies, discussion of insurance claims and, a

Closing Advice Tidbits

2019-04-22T14:32:26+00:00By |Closing|

Once your financing has been approved and you have received your loan commitment, there is a broad laundry list of items that warrant your attention. We’ve highlighted a few of those that sometimes can cause closing indigestion if not handled properly: Payoff notification to current lender: Most commercial real estate loans mandate payoff notification of between 30 and 60 days. Sometimes in the thick of the closing process, this requirement is overlooked. With so many multifamily loans today being securitized after closing, it is imperative to adhere to this requirement; otherwise the closing of your new loan could be delayed,

Contact Information

Kathryn Cassidy
2000 Auburn Drive, Suite 200
Beachwood, OH 44122

Phone: 216.765.9000

Fax: 440.919.0270