Commercial Sale- I Am Selling A Commercial Property, Which Might Have Mixed Uses, And Have Questions
Congratulations on your potential sale! If you are selling a commercial property, you are already aware that your property is unique. Just as you would not go to a foot doctor for a heart by-pass operation, you cannot receive answers to very specific and unique questions by reading a web page. A commercial property can be a six-family apartment building, a skyscraper, or anything in between.
If you are selling a skyscraper, we are not your firm. Our firm is very experienced with properties of 50 units or less and happy to give professional advice and guidance. However, we do not waste your time and if we are not the right fit, we will tell you. There are no cookie cutter guides and as a sophisticated investor, you probably already know this.
Generally, for mixed use properties, we will have to provide the potential purchaser with all leases we have in our possession, including all addendum’s or riders. We must also provide copies of the Rent Roll, including term, deposits, and payment history. The Purchaser should also be provided with all service or advertising contracts including trash, extermination, maintenance, management, commission agreements, billboards, vending, union contracts, and/or any contract expected to be assumed by the Purchaser. Also, most Purchasers will typically request at least the last 3 years annual Profit and Loss Statements and Balance Sheets.
Additional documents you may want to provide in order to expedite the purchasers due diligence are copies of any payroll records if employees will have to be assumed, as well as a physical inventory of furniture, fixtures, supplies, and equipment included in the sale. Copies of recent engineering reports and environmental test results should also be provided, as well as any survey, or architectural or engineering plans.
Our Platinum Property Transfer System enables you to sell your commercial property without the stress and delay normally associated with commercial real estate transactions. We permit busy entrepreneurs and investors to do what they do best, often enabling them to earn many times our legal fee by concentrating on their businesses. You will receive regular updates in a systematic and organized manner from your personal concierge. We will prepare for the closing by eliminating each open issue in a structured and methodical manner. After the closing, we will deliver to you copies of all documents signed at the closing in a professionally sealed binder.
John has written an e-book, Big Apple Guide to NY Real Estate Transactions. It is available to answer questions that you may still have. Please provide your first name and email in the box below to download it now. We are attorneys and not salespeople. Nobody will ever call. There is no obligation. John simply asks that you email him to tell him what you liked or did not like about the book.
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