Commercial Title
Insurance
Since its inception in 1984, Tallgrass Title has handled countless commercial real estate transactions
Why experience in Commercial Title Matters
Commercial real estate transactions differ significantly from residential or agricultural transactions.
Our team understands that commercial transactions are often negotiated between attorneys instead of real estate agents. Commercial real estate contracts carefully define the legal descriptions and boundaries, specify purchase price, financing terms, and any contingencies with meticulous detail not seen in residential or agricultural transactions. Attorneys also incorporate clauses relating to due diligence periods, inspections, the option to buy, prorations (and their many types) and potential liabilities.
Additionally, commercial contracts routinely address zoning requirements, environmental assessments, and compliance with applicable laws. As commercial transactions can be complex, the parties work to ensure that the contract reflects the intentions of all parties involved while minimizing legal risks and ambiguities.
Our Tallgrass Title team and attorneys on staff are skilled professionals that possess the necessary expertise and in-depth knowledge to successfully navigate even the most intricate commercial real estate contract.
the commercial complexities don’t stop there
In a commercial real estate transaction, the inclusion or exclusion of personal property is a crucial aspect that requires careful consideration.
Personal property refers to movable items not permanently affixed to the real estate and should be outlined in the purchase agreement. This may include items such as furniture, machinery, equipment, or inventory. All inclusions or exclusions of personal property must be clearly outlined to avoid any misunderstandings during the transaction.
Sellers may choose to exclude certain personal property items to retain them for future use or to sell separately.
but wait, there’s more
Escrow Holdbacks
In commercial real estate, escrow holdbacks refer to a portion of the purchase price set aside in an escrow account to cover costs or repairs that the seller has agreed to fulfill after the closing. This mechanism allows the transaction to proceed while ensuring that certain conditions are met post-closing. Common reasons for escrow holdbacks include incomplete repairs, environmental issues, or other outstanding concerns.
When a seller agrees to an escrow holdback, the specified funds are held by a third party until the agreed-upon conditions are satisfied. Once the conditions are met, the funds are released to the seller. If the conditions are not fulfilled within the specified timeframe, the funds may be used to remedy the issues or, in some cases, returned to the buyer.
Leasehold Interests
These interests in commercial real estate involve the rights granted to a tenant through a lease agreement with the property owner. Unlike freehold interests, which involve ownership of the property, leasehold interests grant the tenant the right to use the property for a specified period and under agreed-upon conditions.
In a commercial real estate transaction, the buyer must be aware of any existing leasehold interests on the property being purchased. Leasehold interests can impact the property's value, have potential for income generation, and future development possibilities. Understanding the terms of existing leases, including rental rates, lease expiration dates, renewal options, and any restrictions on the property's use, is crucial for informed decision-making when making an offer on or accepting an offer on commercial real estate.
knowledge & experience
you can trust
At Tallgrass Title we know and understand the intricacy of commercial real estate transactions. With numerous legal ramifications, unique financial details, and precise terms and conditions, an adept team is an absolute must. Our team demonstrates outstanding expertise in handling commercial contracts and skillfully executes closings.
Opting for Tallgrass Title to facilitate your commercial real estate transaction ensures thorough management with unmatched skill and professionalism, granting you a feeling of assurance as you progress through your real estate goals.
Competitive Rates
Tallgrass Title has several commercial rates available based upon the type of transaction or use.
Contact one of our Title Professionals for more information.