Commercial property loans are subject to closing costs once the transaction is finalized. The closing costs cover legal fees surrounding the transfer of assets and all associated paperwork.
Closing costs can be expensive, but are negotiable between the buyer/borrower and seller. As a buyer you can (and should) have it stated in the sale contract which party will be responsible for each cost at closing such as title insurance, deed stamps, surveys, and settlement fees.
But it’s important to note that lenders are not restricted in what they can collect from borrowers at closing: Your lender has a high level of discrepancy as to how much money you must put into escrow, how much they charge administration fees, points, and so on. All of these fees should be reviewed on your Term Sheet and Loan Commitment.
Because of this it is critical you negotiate all of the fees for your loan with your lender well in advance of closing, and that you work with experts who can connect you to the right loan offer for you.
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