Understanding Escrow and Due Diligence

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Today, more than ever before investors are looking for unique and innovative ways of increasing their annual income especially through investments in commercial and residential real estate. One aspect of this type of investment that often does not get enough attention is that of escrow and due diligence. When a purchase is imminent it is important to note that money will change hands in a relatively short amount of time. When money is about to change hands it is well worth understanding all of the intricacies of escrow a due diligence. Keep in mind it is always recommended to know as much as possible about the property you are about to purchase as is feasible. This can ultimately save an investor time, trouble, and money over the short and long-term.

Ordering a Survey

One aspect of purchasing investment commercial property in Atlanta is that of having a survey ordered. This is actually part of the due diligence process and should not be overlooked. The survey is a very important aspect of making this type of purchase. Especially considering the fact that it offers valuable information including everything from the location of the primary building to even boundary lines. It also offers details on improvements, easements, and location of a secondary building if one exists. Another important aspect of a survey is that it can provide valuable information related to utilities such as telephone, gas, and water. With so much to offer it is clear to see why overlooking the all-important survey can be a big mistake for commercial real estate investors in the Atlanta area.

Proper Documentation

In addition, when it comes to escrow it is best to work with an escrow officer who will be considered a 3rd party or neutral party that will be overseeing the transaction. An escrow officer is essential in helping to transfer the deed as well as all funds. In essence, escrow officers make sure that both parties are thoroughly protected through all stages of the transaction. Keep in mind that the final closing escrow documents are composed of a number of different important elements. This includes everything from a title affidavit to a bill of sale as well as a quitclaim deed. These documents may also include items such as warranties, contracts and other essential documentation. Finally, the buyer of any Atlanta commercial real estate typically has a specific period of due diligence within which to make sure all the proper documentation is in order. Talk with your commercial property investment specialist in Atlanta to learn more. Working with Wiedmayer & Co. is a smart way to enjoy a more successful commercial property investment in Atlanta.