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Facts to know about commercial closing

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commercial closing

The processes undertaken in the world of real estate is quite overwhelming. One of those important processes is known under the name of commercial real estate closing process. The commercial closing is basically the final step executed during a normal transaction of real estate. Usually, the final date on which the process of closing will be done is fixed during the phase of negotiation and it takes a time of about a few weeks after the offer is made under a formal method.

On the date of commercial closing in Boca Raton,the ownership of the estate gets transferred from the seller to the buyer. The process of transferring the ownership is done using a proper deed which is given by the seller to the buyer. Apart from that, if loans or mortgage is done, the deed also contains information regarding it. All these processes seem quite confusing a d overwhelming at times. So, we are up with this article which would help you to understand the commercial real estate closing process in a better manner.

Four basic steps sum up the entire process ofcommercial closing at Boca Raton. Of these four steps, a few are continuous whereas the others have the overlapping tendency. However, each transaction needs to strictly go through escrow followed by getting verification from authority and final signing while processing the title and submission of the required documents.

The escrow

Escrow is an important part of the process which you need to follow when purchasing a commercial property. In this process, a neutral party or more commonly, a third party is present. Its task is to hold the funds in its account until all the requirements related to the escrow agreement are met. Sometimes it stays until one of the party pulls itself out of the deal. This step of commercial closing is specially designed for solving the problems related to the trust factor between both the parties. Under Escrow, neither of the party receives the final title nor the final payment unless all the criteria are agreed and met.

Dealing with the legal entity

Unlike a residential real estate deal, a commercial real estate takes place between either two or more number of legal entities. As these deals are quite expensive, all the parties prefer limiting their liability and creating different legal entities for meeting the purpose of having an entity for owning a commercial real estate property. Nearly every entity has a corporation with LLP or LLC involved with it. In such cases, more steps are undertaken for verification of the fitness and ability of the entity for conducting a real estate transaction.

Verification by the authority

Although the entire transaction happens between the legal entities and corporations, a human being is required to put in his signature and execute the documents on its behalf. This step of dealing with paperwork should be dealt in a proper manner as representatives from both the party will be signing the papers.

Submission of the required documents

For the deal to get completed, the buying and the selling party needs to submit all the required documents. Moreover, both the parties need to agree to the title report too

These were the basic steps which should be followed during the commercial closing at Boca Raton. This process is comparatively more complex and involved than the closing process of a residential property.

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Here’s why you still need Personal Health Insurance instead of relying on Corporate Insurance

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Health Insurance

Most corporate jobs, along with the salary, offer additional perks. One of the biggest attractions among these various benefits is corporate health insurance. However, these corporate plans are limited to the benefits they offer. At times, they prove to be as good as not having an insurance plan at the time of need. Due to the increased risk of lifestyle diseases and critical illnesses, these plans are insufficient to cater to all healthcare needs. Therefore, it is essential to have a personal health insurance plan covering your healthcare needs with an adequate sum insured. Here is a list of things to analyze about the insurance plan offered by your employer to get a clearer picture of why you need to invest personal health insurance policy:

●    Not Customized:

The option of customizing the plan as per your needs is restricted as in corporate insurance. You can opt for personal medical insurance from Care Insurance Company or HDFC Ergo. They offer customized plans according to your preference and need of sum insured.

●    No Consideration of Medical History:

There is no thought given about the individual family’s medical history. There are restrictions on things like types of diseases and critical illnesses covered, the inclusion of dependents, etc. On the other side, one can opt for individual health insurance plans, as per the medical history.

●    No Coverage after Job Change:

You can get the benefits under corporate health insurance till you are on the job. Once you leave the job, you cannot file the claim.  These plans cannot be extended or renewed like individual plans and solely depend upon the employer’s decision.

●    No Additional Benefits:

Under these health insurance policies, you cannot get additional benefits such as no claim bonus, automatic recharge, lifelong renewability, etc. Whereas, in personal health insurance, you can avail such benefits to enhance the policy coverage.

●    No Adequate Coverage for Family Members:

Coverage for family members is solely the discretion of the employer. It may be possible that you cannot cover your parents or children, or spouse in your corporate policy, or you need to pay a higher premium for the separate cover.

Therefore, if you are also facing the above issues in your current corporate health policy, opt for personal health insurance to assure your health and safety in the future.

Top Health Insurance Companies offer Best Health Insurance Policy in India

Health Insurance Company Network Hospitals Claim Settlement Ratio
IFFCO Tokio 4000+ 92.66%
Care Health Insurance 8350+ 92.3%
HDFC Ergo 10000+ 90.32%
Max Bupa Health Insurance 4500+ 83.92%
Star Health 8800+ 78. 15%

Benefits of Personal Health Insurance

Look at the below benefits that individual health policy has over corporate health insurance and why it is the best health insurance policy:

  • Offer cashless hospitalization facility during a medical emergency and planned hospitalization in the network hospitals
  • Provide coverage for in-patient hospitalization, pre and post hospitalization, domiciliary hospitalization, and AYUSH (Ayurveda, Unani, Sidha, Homeopathy) treatment
  • Coverage for diabetes, hypertension, thyroid, and other pre-existing diseases
  • Provide coverage for on-going treatment, medication, and therapies
  • Offer coverage for advanced treatment, daycare treatment, and alternate treatments
  • Annual health check-ups help
  • Offer tax benefit under section 80D of the Income Tax Act of India 1961

Takeaway!

Thus, corporate health insurance offers minimal coverage. But, if you really want to secure yourself and your family against medical emergencies, then opting for personal health insurance is crucial.

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Personal Loan or Bike Loan – Which One Would Be More Helpful For Buying a Bike?

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Personal Loan or Bike Loan

If you’re planning to buy a bike, it is essential for you to know the difference between a personal loan and a two wheeler loan. Knowing the ways in which both loans differ from each other will help you make a more informed decision. If you’re wondering which one among these two would be more helpful in your journey to make your dream of owning a two wheeler come true, continue reading to find out.

What is a personal loan?

A personal loan is essentially a loan credit facility offered by a financial institution. One of the main highlights of this loan is that you’re not required to put up any collaterals for availing the credit facility. This essentially makes a personal loan an unsecured loan. And, a personal loan has no restrictions with respect to the usage of the disbursed loan amount. This effectively means that you can use a personal loan for funding almost any expenses such as for traveling, medical expenditures, and even for purchasing a two wheeler.

What is a two wheeler loan?

A two wheeler loan is a loan credit facility offered by a financial institution for the purchase of a two wheeler such as a motorcycle or a scooter. Unlike a personal loan, a two wheeler loan can be used only for the purchase of a two wheeler and not for satisfying any other expenses. Also, since a two wheeler loan is secured, you’re required to put up collateral, which is almost always the two wheeler that you purchase.

Which loan facility would be more helpful when it comes to purchasing a two wheeler?

To answer this question, let’s first compare both of these loans side-by-side.

Particulars Two wheeler loan Personal loan
Usage of the loan amount Restricted to the purchase of two wheelers alone. Completely unrestricted. Can be used to purchase anything including two wheelers.
Maximum amount of loan that can be availed The price of the two wheeler. Depends on the individual. Can be anywhere between Rs. 5,000 to Rs. 20 lakhs and above.
Loan down payment Required to pay a down payment of around 10 to 20% of the two wheeler’s cost. No need to pay any down payment.
Interest rates Since the loan is secured against the two wheeler, the interest rates generally tend to be lower than that of personal loans. Since the loan is unsecured, the interest rates on personal loans are much higher.
Maximum tenure of the loan Can be extended till 7 to 10 years. Restricted to a maximum of 5 years.
Eligibility criteria Since the loan has the two wheeler as a collateral, the eligibility criteria is generally more relaxed. Is dependent on the lender.
Documentation Requires you to submit some documents. Requires minimal documentation.
Ownership of the two wheeler The two wheeler is hypothecated to the financial institution till the repayment of the loan is complete. Remains with the owner.
Lenders Banks and financial institutions like NBFCs offer two wheeler loans. Banks, financial institutions like NBFCs, and even online lenders offer personal loans.

Conclusion

Although the above table does quite a good job of giving you an objective comparison between the two types of loans, the choice is ultimately dependent on you and your needs and requirements.

If you’re a person who prefers to not make any down payments, then a personal loan may just be the right choice for you. In addition to that, you also don’t have to put your two wheeler up as a collateral for the loan.

On the other hand, a two wheeler loan also has its own advantages. Firstly, the interest rates are far lower and secondly the tenure can be extended till 7 to 10 years, giving you ample time to settle the loan.

Therefore, as you’ve already seen above, choosing between either of these two options completely depends on the individual and their preferences. That said, if you’re ever in the market for a two wheeler loan, always make sure that you take a look at the bike loan eligibility criteria and use a two wheeler calculator before applying for one.

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How to Open a Craft Beer Bar and Make your Business Successful

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Craft Beer Bar and Make your Business Successful

Many men’s dream is to have a beer bar because such a business is profitable and pleasant. However, you should explore each step of starting a business. For example, it’s easy to find employees, order drip trays and other bar equipment on the Internet, and so on.

Create a Business Plan

The first step is to draw up a clear plan to open. It’s necessary to build a picture of a future business. Solve the following issues:

  •  Naming. The title should be easy to read, short, and catchy. The name has to evoke an association with the product.
  •  Business scale. There are different beer business types: a beer shop, a small bar with a few seats, a brewery restaurant. The amount of money that will be required depends on the type chosen.
  •  General concept. Choose the style of the establishment, the main idea, direction, product quality.
  •  Price policy. It is essential to create a portrait of future customers: are they people with a low, middle, or high income? Products of which quality do they consume? Set prices on the market average of the costs for a similar outcome.

Financial Part

A business plan should contain a budget calculation. Think over your expenses as much as possible and add about 30% (or better 50%) of this amount for unforeseen expenses.

You need to determine the source of your capital. If you do not have the required amount, you can take out a business loan or find an investor. When you partner with an investor, you lose part of control over business decisions.

It is better to hire an accountant who will help distribute and control finances from the first steps. Also, use a lawyer’s services and purchase a license for alcohol; you can get a very high fine without it.

Calculate money for rent of premises, salary, equipment, products, and related goods. Write down a financial strategy: the period when the business will pay for itself when there is a net profit and a term when the company breaks even. Consider every tiny detail, and your business will be successful.

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