By Liz Scavnicky-Yaekle
Real estate investors, after identifying commercial property and executing a purchase contract, face many important decisions in consummating the transaction. First among these is whether to engage the professional services of a commercial title company or a traditional real estate law firm. Before you or your partners make that decision, consider the following four secrets of the commercial title industry.
- Unnecessary costs can be avoided. When purchasers of commercial property engage a traditional law firm to handle their closing, they are likely to incur significant legal fees in addition to the title insurance premiums. The economic structure of large law firms depends on charging their clients high hourly rates. Conversely, because of the more cost-effective structure of Millennial Title, our expert team can provide the same suite of comprehensive professional and legal services at a fraction of the cost. On large commercial deals, this could mean a savings of thousands of dollars. Rebel M. Lee, Esq., V.P. and General Counsel, and Ryan N. Pogue, Esq., Senior Vice President, bring over 30 years of experience practicing law and handling real estate transactions and deliver our clients expert, accurate, and timely legal and title advice. When legal issues arise during the closing process, our team is ready to respond to ensure a smooth transaction. And, when legal questions otherwise present themselves our attorneys are always available and happy to offer advice and counsel to our clients. We are your trusted resource for all legal needs.
- Speed of service does not have to be compromised. Large law firms often seem to move like a massive barge heading up river. This occurs for a variety of reasons. When working with a traditional law firm, it’s entirely possible that you will communicate with a team of associate attorneys, paralegals, processors, and closing coordinators without ever speaking directly to the lead attorney handling your transaction. Naturally, this causes the slowing of communication and progress on your transaction, and, when it comes to real estate, time is of the essence. On the other hand, at Millennial Title, at any given time, Rebel or Ryan are involved and up to date on all issues and matters pertaining to your commercial transaction. This allows us to minimize time frames, while continuing to ensure lower costs, by avoiding unnecessary delay.
- In-house services ensure accuracy. Some title companies and traditional law firms outsource the performance of certain tasks such which can also result in delays and costly inaccuracies. A full-service, commercial title company offers buyers the best of both worlds. By relying on our own team members and attorneys, rather than outside sources, to handle both the title and legal aspects of your transaction, Millennial Title provides attention to detail that allows our clients to rest assured that their transaction will be completed efficiently and accurately.
- Personal service is always preferred. The process of identifying and purchasing suitable commercial property is a significant undertaking that can cause all parties undue stress. We not only want to avoid adding stress, we want to help reduce stress in the process. That is why our team provides competent, friendly, and courteous service at every turn. At Millennial Title, we take pride in walking clients through each step of the process. Our team is always available for your questions, and our attorneys will always professionally handle your closing.
Contact us today! Tampa: 813-386-5474 or Louisville: 502-749-7409