You thought long and hard and have finally decided to sell your commercial property (apartment building, shopping center, office, or industrial property). Other than making sure you choose an experienced and knowledgeable commercial broker, what else should you do when you want to sell? Well, even before you hire that awesome broker, there are things you can do to prepare so that the sales process goes as smoothly and quickly as possible. Nobody wants the process to go on longer than it should, certainly not the seller who is ready to move on to the next project/chapter in their lives.
Here is a list of items you can gather in preparation for the sale. Everything should be in digital form so that the files can be easily and quickly emailed to requesting parties.
1. Financial records: Copies of all the financial records of the property, such as tax returns, rent roll, profit and loss statements, etc.
2. Property Details: A simple written document outlining the property details, such as unit mix, types and sizes, parking, amenities, recent renovations or upgrades, and maintenance history/records.
3. Lease Agreements: Copies of all current lease agreements, security deposit details and any other tenant related information such as back rent due.
4. Legal documents: Copies of all legal and regulatory documents, including ownership information documents, code violation citations, lawsuits, environmental and any other material legal documents.
5. Maintenance and Repairs: Seller should disclose any known maintenance issues or required repairs.
6. Tax and Insurance information: Copies of tax records and insurance claim history.
7. Third-Party Contracts: Copies of all third-party agreement, such as those for property management, technology platforms, etc.
If you would like to discuss your specific case, please feel free to call me at (818) 636-6397 for a free and confidential consultation.
* This information does not, and is not intended to, constitute legal, tax or financial advice; instead, all information is for general informational purposes only.