What Should A Commercial Loan Closing Attorney Do?

A closing is like a symphony orchestra. The string section must coordinate with the woodwinds, the brass with the percussion, and so on. All sections and instruments working together to bring together the individual and collective sounds to create a beautiful concert with wonderful music for the audience.

Our team works with the lender, title company, surveyors, and others to provide a smooth and harmonious closing for our audience, the borrower. This means that we collaborate with you and ask questions about the loan structure, needed borrower and third-party documentation, and anticipated closing date. We want to minimize the back and forth with the borrower for the operating agreements, surveys, estoppel letters, by-laws, etc. When we are the closing agent, we immediately order a title commitment, even if closing is not imminent, to determine whether there are title concerns which could delay closings. We want no surprises. All parties need sufficient time to review the closing documents.

At closing, we want the process to be a “sign and drive.” No negotiating at the table; issues with the borrower, if any, are resolved ahead of time. Everyone walks away “happy,” with an understanding about the transaction. We want the borrower to use you again, or recommend you to friends and colleagues for future loan needs.

After closing, we track the recording of the documents and issuance of the title policy. Sometimes we are the title agent; sometimes it is another attorney or title company. It is reasonable to expect the title policy and original recorded loan documents within forty-five days of closing. If not timely provided, we follow up and let you know what we are doing to collect this information. This is our responsibility.

Closings are not “easy,” but our office enjoys the collaborative process. Perhaps the borrower does not hear the “wonderful music,” but we hear it in the background and know what we accomplished together.