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.
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