You have spent years ensuring that your commercial building is in top shape. You upgraded the electrical wirings, repainted the walls and updated the ventilation. Now, you are ready to let it go, and you have decided it is time to sell it. Before putting that building on the market, here are three things to consider and prepare.
Building status
Walk in your prospective buyer’s shoes—are there things that would make you not buy the property? As the seller, you should thoroughly check every nook and corner to see if there are things that need repair. It might also be a good idea to see how your property compares with similar buildings in the vicinity. Prospective buyers must have a good impression of your property. This could increase the chances of selling the property.
Paperwork and documentation
Buyers will likely check all documentation related to the building. Ensure that the building title, lease, zoning regulations, environmental survey, tax certificates, inspection certificates, building compliance and permits are all available. Disclosing critical facts about the property is important to remain transparent and prevent future conflicts.
Legal considerations
Selling a commercial building is a complex process. It is important to ask for the guidance of professionals to craft the commercial real estate purchase and sale agreement that will reflect your best interests. Aside from this, you should also seek the assistance of a lawyer in preparing the documents required for the real estate transaction.
Commercial real estate transactions, whether you are buying or selling a property, are always an intricate process. It is a big legal and financial decision that requires thorough planning. It would be beneficial to consult experienced real estate lawyers to ensure that you mitigate possible risks and get the best result.
