How to Get Your Commercial Property on the Market Quicker

If you’re thinking about selling your commercial property be prepared to get asked for a lot of information about your property. If you want to get your property sold quicker, time to get organized.

Here is a quick checklist to get you started:

  • Most recent property tax assessments and tax bills
  • Most recent title policy insuring the property
  • Insurance policies with summary of insurance coverage,insurance inspector risk assessment report & premiums
  • Survey (ALTA preferred)
  • As-Built Plans and specifications for property (electrical, mechanical, structural)
  • Site plan
  • Copies of all recent appraisals, engineering reports, environmental reports
  • Cut sheets for furniture, fixtures and equipment (FFE) conveying with property
  • Warranties for real property improvements, FFE and personal property conveying with property
  • Certificates of occupancy
  • Written summary of all pending or threatened litigation, insurance claims, legal violations
  • Reports or studies to bring property in compliance with ADA
  • Schedule of special assessment districts and amounts
  • Schedule of impact fees paid or owing
  • All maintenance records for property
  • Any encroachments onto the Property, or from the Property onto other lands?
  • Are there any encumbrances on the Property that will not be cleared at Closing?
    Easements? Covenants Running with the Land?  Liens or other financial servitude’s?Leases?
  • All Leases, including any addendum’s, riders or subleases.
  • Rent roll
  • Profit & Loss Statement (keep five years back minimum)
  • Balance Sheet
  • Payroll register
  • Utility bills (keep at least two years minimum)
  • Fire protection system inspection reports
  • Tax returns

Further Reading: “The Checklist Manifesto: How to Get Things Right” by Atul Gawande

If you want a quick overview of The Checklist Manifesto, check out Derek Siver’s notes.

What am I missing? Feel free to add suggestions in the comments below.

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