The Process: Sellers
Steps in the Process
- Review comparable sales to determine listing price
- Obtain floor plans, utility information, operating expenses from Seller
- Market the property on commercial property websites
- Prepare marketing brochure
- Prepare video “Virtual Tour” of the property
- Place “For Sale” sign on property
- Canvass businesses in area who might have an interest in this property
- Personally show the property to interested Buyers and their representatives
- Answer questions that arise from potential Buyers
- Review Buyer’s Letter of Intent (LOI) when presented
- Review LOI and prepare counter-offer from Seller
- Negotiate final agreement on business terms as stated in LOI
- Prepare draft of the contract, or review Buyer’s contract with Seller (and Seller’s real estate attorney)
- Negotiate terms and language in contract with all parties
- Submit Buyer’s signed contract and earnest money check to Seller for signature
- Deliver contract and earnest money check to title company to open title
- Prepare Contract Checklist with key parties and trigger dates
- Assist Seller in gathering and submitting pertinent information as called for in contract
- Cooperate with Buyer during his Feasibility Period to answer any questions or to open the building for his inspectors
- Review Survey with Seller and object to any discrepancies in Survey or Title Commitment
- Cooperate with Buyer’s lender to answer any questions posed
- Insure timelines and deadlines are met
- Accept any backup offers or contracts on the property
- Review and negotiate any extension of Feasibility Period if requested by Buyer
- Attend the Closing with Seller, and answer any questions at the closing table
- Make sure Seller gets his check promptly upon funding