Small Business Real Estate Seller Preparation Checklist:
From my perspective, throughout your ownership of a commercial property your focus is on running your business and increasing property value so that when it’s time to sell, you can get maximum return on that investment. Preparing for the eventual sale comes down to improving the physical condition and minimizing risk to the buyer. Take a moment to look around your property from a buyer’s perspective.
Have you been deferring maintenance? :: Is there a roof leak that you haven’t dealt with? :: Or, have you dealt with the roof leak, but still have stained ceiling tiles? :: Have you been maintaining the HVAC systems? When was the last time they were serviced? :: Does your parking lot need to be seal coated or repaired? :: Does the lobby or hallways need paint? :: Do the carpets need to be cleaned or replaced? :: Does the landscape need some attention? :: Do all the lights work? :: Remove any chemical barrels. :: Remove/clean any oil stains or spots. :: Remove any old vehicles from storage lots that could leak fluids. :: If you have large amounts of waste oil, prepare summary how that oil is disposed of.
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Common Due Diligence documents to collect and have ready. :: :: :: :: :: :: :: :: :: ::
Copies of all leases. Copies of all service contracts. Utility Bills Taxes Capital Improvements for the last 3-5 years. Maintenance Records for the last 3-5 years. Past Phase One Environmental Reports. NFR Letter from past environmental cleanup. Past Survey Past Title Policy
Preparation To Sell Process: :: :: :: :: :: ::
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Remove All Unnecessary Items from Property. Prepare Property To Show to Potential Buyers Create Moving Plan. How will you remove the contents of the property? Gather Utility Information for Post-Closing Change. Gather All Keys, FOBs, Door Remotes, Gate Remotes. Gather All Security/Access System Contacts & Information.