Tulsa Oklahoma Closings & Title Search
Colonial Title has successfully closed some of the most complex commercial transactions throughout Tulsa and the state of OK. We work with large and small corporations as well as national lenders and local lending institutions. Our experienced personnel coupled with our alliances with some of the largest underwriters in the country allow us to provide both excellent service and competitive pricing. We treat each commercial transaction as unique, with our role as the title/settlement agent like that of a coordinator and problem solver. Effectively conducting commercial closings requires unique skills, and the professionals of Colonial Title have the experience and expertise necessary to manage the complex issues that arise in even the most sophisticated commercial closings.
Colonial Title will work closely with everyone involved in the property transaction so that title issues are resolved, authoritative documents are obtained from the parties, and future deposits as well as the release of funds occur within the agreed-upon schedule. An Escrow Receipt and Critical Dates letter is sent to all parties upon receipt of the earnest money deposit.
Colonial Trust will perform a title search and examination of the property, request inspections, survey requirements, owner’s affidavit and leases (recorded and unrecorded) prior to closing the transaction according to the instructions of the parties.
During the contingency period, Colonial Trust will collect all information and documents that will be needed to draft the closing statement and closing documents. Colonial Trust will often revise its list of documents and information that is necessary during the scope of the transaction as documents and information are received, the terms of the purchase agreement evolve, or if the parties request supplemental services. A common list of typical documents we may request to prepare for closing may include the following:
- Organizational documents for the parties
- Any leases
- Rent roll with security deposits
- An itemization of service contracts or other items to be prorated at closing
- An itemization of personal property to be included in the Bill of Sale
- Multiple copies of the survey
- Original documents attached as exhibits to the contract for execution at closing
A commercial closing, particularly where there is a complex transaction, requires careful attention to detail and close communication. There are many other tasks that must be handled in a commercial closing depending on the specific circumstances of the transaction. Where any of the parties are not naturalized citizens, the title insurance underwriter must verify that the entity was properly formed and the party signing is authorized to buy, sell, borrow or lend as appropriate. We will also request lien information from the seller for all existing liens that must be removed or paid at closing. Typical liens will include outstanding mortgages, tax or judgment liens and leases.
At Colonial Title, we understand how to navigate the many other issues that may be required to effectuate a commercial closing including the following: (1) procurement of rent rolls and estoppels; (2) tax deferred exchange requirements; (3) 1099 S federal tax reporting; (4) Foreign Investment in Real Property Tax Act (FIRPTA) compliance requirements; (5) Property and causality insurance requirements; (6) Endorsements (title insurance riders providing additional coverage); (7) UCC search and UCC-1 Financial Statement filings. At Colonial Title, the expertise and commitment of our staff to the highest standards of professionalism has made us a trusted partner for commercial closings in Tulsa and throughout Oklahoma for years.
