How the Right App Can Save the Day

This post is a little off topic for our blog but I wanted to share how one of the apps that I wrote about in January saved the day in a transaction closing. Recently, I attended a closing for a combined asset/commercial real estate transaction. In all acquisitions, whether a business or commercial real estate, certain closing conditions have to be met or waived, then the wires are initiated to fund the purchase. All lenders and title companies have a hard deadline in the afternoon by which the wire has to be initiated or it is postponed into the next business day.

 

In my transaction, we were running up against the wiring deadlines and risked not closing on time. To make matters worse, we were conducting the closing outside of my law office, at the business location being acquired. The scanning and faxing capabilities at the off-site location were inadequate and further complicated our ability to timely provide the lender with the items it needed before the wire transfers could be authorized. In a last ditch effort to meet out deadlines, I pulled out my iPhone and opened up my scanner app called JotNot Pro.  Using this application I was ability to ‘scan’ each document with my phone’s camera, convert the scans into pdf’s, including a multi-page pdf of the lease, and attach them to emails to the lender. We sucessfully funded and closed the acquisition with minutes to spare. Without this application I seriously doubt we would have closed our deal that day.

 

In real estate, I can visualize situations where having a scanner app on a smart phone or tablet would be immensely useful for professionals, such as real estate agents, who would benefit from being able to have purchase agreements and other documents signed and delivered immediately without having to wait until they back it back into their offices. I know that there are more than one such scanning app and highly recommend that people consider downloading one to try.   
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