North Texas Dentistry Volume 8 Issue 4 2018 ISSUE 4 DE | Page 29

since thereafter the earnest money deposit (not to mention any other invest- ments made into the property) typically become fully nonrefundable. The Closing Period At closing, funds will be transferred to the seller and the seller will deliver the notarized warranty deed to the buying dentist, at which point the deal is offi- cially “closed” and legal title/ownership to the real estate is officially vested in the dentist’s entity. The closing typically occurs 30 days after the end of the inspection period, and a good title com- pany typically facilitates much of the closing process, including the signing and recordation of necessary documents with the local county clerk. Common Pitfalls As a final note, it is helpful to be aware of a few common pitfalls among real estate buyers. Dentists buying real estate simultaneously with the purchase of an existing dental practice can find it tempt- ing to reduce the inspection period oth- erwise needed in order to fit the practice acquisition timeline. While it is common to align the real estate closing with the practice acquisition closing, buyers must still be careful to recognize that 2 nd or 3 rd generation buildings may come with undesired “baggage” such as asbestos, plumbing, foundation, roof, or other structural issues. Securing adequate time for due diligence, including time for proper inspections and analyses of the property, are essential for dentists want- ing to know the nature of their invest- ment. The real estate purchasing process can be arduous, complicated, and time-con- suming. Knowing these baseline insights ahead of time is helpful in establishing correct expectations and equipping the buying dentist with needed confidence. For more information, please send email to: [email protected] or call [phone]. Josh Bishop focuses his practice on real estate matters as they relate to the dental and medical field, with a special emphasis on leasing and real estate acquisitions. Aside from his legal career, Josh enjoys playing tennis and volunteering his time to causes he believes in. He spent two years in Hungary giving service and sharing uplifting messages and has mentored Boy Scouts and other youth groups in the communities where he has lived. He also served on the organizing com- mittee of religious freedom symposiums in 2013 and 2014, hosting delegates from all over the world at Brigham Young University. Currently he enjoys performing and touring with the Millennial Choirs & Orchestras as a baritone in the Grand Chorus. Above all, he loves spending time with his wife and four daughters. www.northtexasdentistry.com | NORTH TEXAS DENTISTRY 29