Page 155 - Trump University Commercial Real Estate 101

Ho w to Disco ver the Truth behind a Deal

agent by overnight delivery. Just make sure your packet goes by some
method you can track, and that will include delivery confi rmation.

On the scheduled day for the closing, your only official duty is to
wire the funds to the escrow account. Once received, as long as no last -
minute surprises develop, the escrow agent transfers the deed to you
and you ’ re the proud owner of that property.

What Should Be in Place on Closing Day

Though you ’ ve been intensely focused on getting the closing to occur,
you should have already been planning for the future. On the day you
take over the property, hit the ground running.
The most important thing to have done already is decide which
company will manage your property. You might hire the existing com-
pany if you were impressed during the due diligence phase. On the

other hand, the present management might be the first item you will
replace.
Whatever you do, be sure to interview three candidates for the job
and select the most qualified. Do not select based solely on price. Also

do not try to talk these companies way down on price. The manage-
ment company is the key player on your team. By being too cheap up
front, you are only weakening their service, and you will pay dearly in
lost cash fl ow.
You already should have received your professionally made signs,
banners, and other marketing materials for the property.
Because you were monitoring all key equipment at the property,
you already know if the leasing office and other facilities are fully

equipped. If not, you ’ ve bought what you need, like computers, fax
machines, and copiers.
You must change into the name of the new ownership entity all
utilities: electric, gas, water, sewer, trash, phone, and cable.
You already have set up key accounts with either existing or new
vendors for building supplies, janitorial, landscape, parking lot mainten-
ance, alarm service, and so on. Of course your management company

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