How long does it take to process and close a transaction once I/we have identified a hospitality property?

ANSWER: After the contract has been negotiated and accepted, the inspections and mortgage contingency period will begin. Generally speaking, 45 days is established to obtain a mortgage commitment. Due diligence also begins in earnest with the ordering of inspections, title insurance, environmental, and survey (if needed). Once received, the mortgage processors review the title, appraisal, and environmental. The contract should best case, allow 90 days for closing but closings sometimes occur in 60 days.