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Old 03-02-2019, 08:48 AM
 
Location: Raleigh NC
8,464 posts, read 6,645,304 times
Reputation: 7581

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Quote:
Originally Posted by JPrzybylski07 View Post
Doesnít matter if itís in a trust, or LLC or your own name, the title company will handle that. Unless you arenít the only trustee then that can become an issue if the other doesnít want to sell.

That being said, skip the outrageous brokerage fees, get yourself a legit attorney and you are set. As far as what itís worth, thatís between you and the buyer. If there are tenants in place already ask your attorney about handling that side of the translation. More then likely a lease will simply transfer to the buyer and any deposits you withheld from your tenants will get taken out of your proceeds. Itís not rocket science like some brokers and agents want to make it sound on here. Itís a small commercial property. The buyer has more due diligence to do then you.

You need an attorney, you need the title company, but you DO NOT need an agent, especially since you already found your own buyer.
from my understanding, in title work, "words mean things" and even simple typos can cost someone money.

Are you still in title, and can confirm?

my understanding of tenant's deposits is that they would transfer with the sale to the new owner. If they were taken out of the previous owner's proceeds, then it seems either the new buyer gets no security deposits, or the tenants are forced to pay again. Neither of those sounds correct. But I am not a rental rep nor commercial expert by any means.

I'd not argue that a broker is needed. But certainly some professional - an attorney - does need to be retained ASAP.
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Old 03-02-2019, 11:55 AM
 
Location: Naples
771 posts, read 323,707 times
Reputation: 1062
Quote:
Originally Posted by BoBromhal View Post
from my understanding, in title work, "words mean things" and even simple typos can cost someone money.

Are you still in title, and can confirm?

my understanding of tenant's deposits is that they would transfer with the sale to the new owner. If they were taken out of the previous owner's proceeds, then it seems either the new buyer gets no security deposits, or the tenants are forced to pay again. Neither of those sounds correct. But I am not a rental rep nor commercial expert by any means.

I'd not argue that a broker is needed. But certainly some professional - an attorney - does need to be retained ASAP.
Thank you for correcting me while I was typing that on my small keyboard on my phone! (Sarcasm) Thanks again. To your credit, I did learn the difference now between then and than after googling that. Let the billions of dollars rush in now to me!

No been out of title for well over a year. Yes your point is valid that one spelling error on added can become a pain in the arse down the road.

Last edited by JPrzybylski07; 03-02-2019 at 12:03 PM..
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Old 03-02-2019, 01:35 PM
 
17,311 posts, read 18,780,774 times
Reputation: 25234
Quote:
Originally Posted by emotiioo View Post
Oh goodness. Get yourself a broker. With commercial you are going to lose your shirt if you don't know what you are doing. At the very least you need an experienced real estate attorney. It's NOT like residential. The value isn't so much in the space but in the tenant and income potential. You are telling us you are in over for head even by asking this. Get help. Please.
Thatís what he needs. A agen5 isnít going to do any good here other than maybe guidance on value. The attorney can easily get that information. If op has a buyer my next call would be to a RE lawyer
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Old 03-02-2019, 02:30 PM
 
Location: Naples
771 posts, read 323,707 times
Reputation: 1062
Quote:
Originally Posted by JPrzybylski07 View Post
Thank you for correcting me while I was typing that on my small keyboard on my phone! (Sarcasm) Thanks again. To your credit, I did learn the difference now between then and than after googling that. Let the billions of dollars rush in now to me!

No been out of title for well over a year. Yes your point is valid that one spelling error on added can become a pain in the arse down the road.
ďHaha I didnít see this till now, ď..one spelling error on a deed can become...Ē. Wow this new iPhone is getting me messed up!
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Old Today, 10:44 PM
 
6,407 posts, read 7,633,868 times
Reputation: 10963
If you have no idea of the value, get an appraisal done. If you're satisfied with the price, get a good real estate attorney to deal with the terms and other items. If title companies handle closings in your area, have the title company produce most of the closing documents for your attorney to review. That should be easier, and cheaper, than having your attorney produce all of the closing documents.
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