As South Louisiana continues to grow and develop, we’re seeing more and more businesses come to the area. With this growth comes the need for commercial construction and development. At Bradley Moreau Title, we’ve handled thousands of commercial transactions and have satisfied clients all across South Louisiana. The commercial transaction generally works within the same parameters as a residential transaction, but with larger sums of money and longer closing windows. Below are just a handful of the transactions we’ve handled that have provided Lafayette and the surrounding area with it’s local charm and business.
What is the difference between a commercial and residential real estate closing?
While closing on commercial real estate is similar to residential, the time to process all the paperwork and essential documents take much longer. As opposed to residential closings that mostly deal with single-family homes and condos, commercial closings involve properties like office buildings, retail space, industrial warehouses, and more. The land that the building sits on must be zoned for commercial use.
The steps to closing on these types of properties follow the same procedures as a residential closing, but there is much more paperwork and financing hurdles to overcome before you get the keys. Most commercial closings extend well beyond the 30 to 60 days that it takes to close on residential properties, so be prepared to put in extra time to get to the closing table. The professional closing specialists at Bradley Moreau Title have experience helping business owners in Lafayette and the surrounding area close in on their dreams with commercially zoned properties that fit their needs.