Choosing to invest in commercial property is a big job. It takes years of hard work, soul, and dedication to make the commercial building that you’ve purchased, everything you dream of. When the time comes for you to put this commercial building on the market, the last thing that you want is for the process to be messy or stressful. In those cases, you can count on the team at UNIQUE Florida Properties to assist you.
Our years of experience make it so that we can provide you with the information and guidance that you need throughout the process. In today’s blog, we are going to briefly cover the different things that you should work on completing as you get ready for the selling process. To clarify, not all of these things need to be completed before you begin working with our team, but it’s always good to have an idea of where you stand with the topics below.
Get the Title
As with any big sale, you want to make sure that you have the title for the commercial building that you’re looking to sell. You will want to obtain a preliminary title report if you don’t already have one. In the case that you need to obtain the title, it’s best to get this done before you begin the process of putting the building on the market. It can be a challenge at times to obtain this, and you don’t want to be rushing when it comes time to finalize a sail.
Aside from getting the preliminary title, you want to make sure that there aren’t any monetary liens or past due taxes that need to be taken care of. If there are, make sure that you get them taken care of prior to listing the commercial building.
The last thing that you’re going to want to do with the title is to check for any circumstances that might need cleaning up or taken care of. This could range from legal cases that are still open or disputes that need to be handled. The last thing that your new buyer wants will be immediate work to take care of after purchasing.
Look Over Contracts
Depending on the type of business you were running in your commercial business, there may be contracts that you need to look over. If the agreement is something that will benefit the buyer and can be passed along with the sale, then it’s good to get these factors sorted out in advance. If there are any contracts that need to be broken or bought out, then you will also want to get that taken care of before you place the commercial building on the market.
If you are the sole owner of the property that you’re placing on the market than this is not something that you’ll have to worry about. If, however, multiple people either own a portion of the commercial building or signed the bill of sale, then you need to make sure that you have full documentation to show that the sale has been approved by them. The sooner that you get this taken care of, the better.
Taxes are going to be a significant expense through the buying process, and at times it’s this cost that can deter people from purchasing. If you’re eager to sell the building, you should look into the amount that the taxes will come out to and decide whether or not that amount is something that you can walk away from. If not, you may want to consider the price that you’re wanting to sell for. These are both things that we will talk about during the sale process, but it’s always good to have some time to think about this in advance.
Collect Physical Materials
When the sale of your building goes through, one of the things that you will need to provide the buyer with will be the physical documents that go alongside the building. This will include any blueprints of the building, maintenance records, property condition reports, zoning reports, prior insurance documents, any complaints against the building, and the like. These are all things that you’re going to need to provide at the time of the sale, and they could be asked for if an interested buyer would like to look at them. For that reason, we always suggest digging them up so that you have them ready and on hand in the case that they are needed.
Contact UNIQUE Florida Properties
When you’re in need of a little help placing your commercial building on the market, the real estate brokerage team at UNIQUE Florida Properties can help. Our years of experience and extensive knowledge in commercial real estate makes us the perfect team of real estate brokers for the job. Contact us today and let us know a little bit more about your commercial space and we can get started on placing your building on the market.