When our attorneys have agreed to serve as closing agent for a commercial closing, the law firm’s services as closing agent are limited to the following (unless otherwise agreed to by the law firm in writing):
· Receive the contract from the realtor or the seller (when for sale by owner);
· For a refinance, receive the title commitment request from lender;
· Contact the parties to the transaction to obtain pertinent information;
· Order the title commitment;
· Bring title issues, if any, to the attention of the parties to the transaction;
· Order payoff letters, estoppel letters, and municipal lien search;
· Obtain payoffs from lienholders;
· Receive deposits and confirm receipt thereof;
· Work closely with the lender(s) regarding closing figures;
· Prepare the seller’s closing documents and other documents required by the title commitment;
· Determine when the lender will be sending the closing instructions and package;
· Prepare the draft settlement statement for lender approval, if applicable;
· Set up the closing date and time;
· Send the final settlement statement to all parties;
· Conduct the closing;
· Disburse funds;
· Provide copies of closing documents to seller and buyer;
· Make certain that the file has a zero balance;
· Send documents for recording;
· Copy and return the lender package to the lender;
· Prepare the necessary policies;
· Perform monthly bank reconciliations; and
· Follow up on any outstanding checks.
Notwithstanding the foregoing, Cantwell & Goldman, P.A. may agree to serve as legal counsel to a party to a commercial transaction. In such instance, a written engagement letter is required to be signed by the party to be represented and by Cantwell & Goldman, P.A.
Commercial closings take place at the offices of our law firm. The parties are brought to the closing office, the attorney and/or closer reviews the documents, has the proper parties sign the documents, notarizes where necessary, obtains proper identification for each party to the transaction, verifies all funds are “collected,” makes copies of all necessary documents, and then disburses the funds.