tailieunhanh - The Complete Guide to Buying and Selling Apartment Buildings Chapter 11-12

Chương 11 Kết thúc giao dịch Chương 12 Quản lý bất động sản của bạn | CHAPTER To put the world right in order we must first put the nation in order to put the nation in order we must first put the family in order to put the family in order we must first cultivate our personal life we must first set our hearts right. CONFUCIUS Closing the Deal fter securing financing for your property the next step is to prepare to finalize and close the transaction. Depending on the size of your acquisition the closing process can be fairly simple and straightforward or it can be quite involved with extensive documentation required. It is also time to begin planning and defining what your role as a strategic manager will be. This too will depend on the size of the transaction as well as your level of experience. 215 THE COMPLETE GUIDE TO BUYING AND SELLING APARTMENT BUILDINGS Closing Fundamentals The closing process is the time when everything comes together to finalize your transaction. You have studied the market and analyzed numerous apartment buildings you have successfully negotiated terms and conditions acceptable to both you and the seller and you have sought out the best financing alternative for your property. It is now time to bring all the parties together to close the sale. Before you do so however there are several factors to consider that may affect the closing. They include a thorough review of all related closing documents a final inspection of the property and the timing of the close. Closing Documents While numerous ancillary closing forms and letters will need your attention the primary closing documents that will require a careful review are the title report closing statement deed of trust and promissory note. The title report also known as the abstract of title provides information about the property s chain of title. In other words it gives a history of ownership judgments liens and anything else that may have been recorded against the property over time. The title insurance company issues an insurance policy to the buyer and a

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