Risk Management Blog

To add to last week’s blog, these are a few additional tips to move your deals at lightning speed and efficiency.

Have your service company “in the deal” as a partner.

If you are able to share a few key points to the transaction, deadlines, or closing date by walking your service provider through the transaction, it will help you execute on multiple points.  This may include Initial Annual Reports, Publication, County Recording, or managing your Secretary of State Annual Reports on an ongoing basis.

Also, rely on your service company for relief.  When having your service company prepare your Secretary of State documents it allows you to focus on more critical areas of the transaction.

Types of Evidence to be Returned or Other Transactional Needs.

Do you need Certified Copies, Plain Copies, a Certificate of Good Standing, UCC Search, or Verbal Good Standing Letter?  When the proper closing evidence is not known when submitting the filing, a delay may be created since additional evidence usually cannot be requested until the filing comes back, rather than while in process.  Likewise, timing the other pieces needed for your transaction are important to close on time.

Alternate Closing Documentation for Secretary of State Backlog, Holidays, Vacations, and Weather Delays.

Delays due to filing and retrieval times can happen overnight, literally.  Every transaction and lender are different.  Knowing what items opposing counsel may/may not accept due to unforeseen delays will have you ahead, and your service company geared up.  Two common back up closing pieces may be:

• A letter from your service company stating that a filing was submitted.
• Producing a date stamped counter sheet evidencing submission.

For your convenience, here is a list of the Secretary of State Holiday Closures for Year End 2016.

Contact our Legal Services Division for more information:  844.392.7588