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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.
Doesn’t matter if it’s in a trust, or LLC or your own name, the title company will handle that. Unless you aren’t the only trustee then that can become an issue if the other doesn’t want to sell.
That being said, skip the outrageous brokerage fees, get yourself a legit attorney and you are set. As far as what it’s worth, that’s 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. It’s not rocket science like some brokers and agents want to make it sound on here. It’s 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.
Doesn’t matter if it’s in a trust, or LLC or your own name, the title company will handle that. Unless you aren’t the only trustee then that can become an issue if the other doesn’t want to sell.
That being said, skip the outrageous brokerage fees, get yourself a legit attorney and you are set. As far as what it’s worth, that’s 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. It’s not rocket science like some brokers and agents want to make it sound on here. It’s a small commercial property. The buyer has more due diligence to do then you.
The lease does NOT always transfer. Hearing of a sale tenants often use the opportunity to renegotiate lease terms and other can truly kill the deal. Seriously we just sold a shopping center. You know not of what you speak. Please don't make this sound simple. It's not. This guy can choose to spend money on his broker fees or in court.... but I agree that he needs an attorney. Commercial is a different animal entirely than residential.
The lease does NOT always transfer. Hearing of a sale tenants often use the opportunity to renegotiate lease terms and other can truly kill the deal. Seriously we just sold a shopping center. You know not of what you speak. Please don't make this sound simple. It's not. This guy can choose to spend money on his broker fees or in court.... but I agree that he needs an attorney. Commercial is a different animal entirely than residential.
What did I say, I said, more then likely, I left room for what you are talking about so stop grilling me. We basically agree and yet you had to chime back in. He needs an attorney. He does not need an agent whatsoever. Have a good day
Doesn’t matter if it’s in a trust, or LLC or your own name, the title company will handle that. Unless you aren’t the only trustee then that can become an issue if the other doesn’t want to sell.
That being said, skip the outrageous brokerage fees, get yourself a legit attorney and you are set. As far as what it’s worth, that’s 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. It’s not rocket science like some brokers and agents want to make it sound on here. It’s 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.
Location: Danbury CT covering all of Fairfield County
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Attorney if you are happy with the price & terms
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