What You Need To Know Before You Close

By |2018-08-28T13:46:30+00:00June 11th, 2018|General Real Estate|

While closing on your new property is a very exciting time for you and your business, we understand that it can also be a very stressful time of transition.  Here at Bricks + Mortar Group, we wanted to make this transition as stress-free as possible for you. Below you will find a checklist to help you throughout your closing process!

Wire Transfer Fraud Warning

Wire transfers of real estate dealings are one of the highest targeted sources for email hackers/criminals.  In many cases they are able to intercept key data regarding the transfer, and redirect the funds into a different account through fake emails.  These emails may be incredibly convincing and professional looking, so keep these principles in mind to protect yourself:

  • Always speak with the individual who is receiving the wire transfer to confirm account and routing number before initiating the transfer
  • Verify that the contact information is legitimate through a phone number you obtained independent of any emails
  • Never share personal information (social security #, credit card info, etc) over an email unless it is secure/encrypted
  • Take steps to secure your email system by using secure passwords, secure wifi, non-public email domain, etc

Insurance Requirements

The insurance requirements for Cannabis Businesses in Michigan are complex, but we are able to take care of it for you!  Visit the Insurance section of our website to get a quote, as well as to understand what steps you need to take to protect your business!

Transfer of Utilities

When moving the location of your business, you will have to transfer your utility coverage as well.  Using this map from LARA, you will be able to identify what utility companies service your new property. You can transfer service into your name by contacting the utility company directly.

Final Water Meter Reading

Water service is typically handled by the city or township that you are purchasing the building in. Make sure that a final water reading request has been submitted to the municipality before you close on the property so you don’t inadvertently get charged for the prior owners water usage. Your agent will assist with this process as well.

We hope this checklist will help you along your process of closing on your property!


About the Author:

Jackson White