The Documentation You Will Need to Sell Your Commercial Property Fast
Real estate professional Michael Snedeker serves as the executive vice president of Elite Building Corp. in Waltham, Massachusetts. At this Greater Boston firm, Michael Snedeker formulates sales and marketing strategies for commercial properties.
To sell your commercial real estate property quickly, assemble all your documents beforehand. Start by calling your attorney to prepare your title. The process may take up to 10 days, so the earlier you start, the better. Next, if the last time you updated your property’s environmental survey was more than six months ago, make sure to do so again. Note that finalizing an updated report can take as long as three weeks.
In addition, because many buyers want the fine details on what they are acquiring, pull together the property’s HVAC, roof, electrical, plumbing, elevator, and parking lot history. Also include service history records, work permits, tax and utility bills, and copies of previous appraisals.
Lastly, compile your rent roll and profit-and-loss statements for the last two years. Potential buyers will want to know how long current tenants have on their lease terms, and they can find this information, as well as the building’s other income sources and expenses, by referencing these documents.