As a seller, it is important to remember a buyer has a right to inspect and fully understand the physical nature of the building and the financial operation side of the building. It is best to put yourself in the shoes of the buyer and understand what obligations they have to themselves and their financial partners, including financial institutions.
By putting yourself in their shoes you will be prepared for their request and be able to respond in a professional and timely manner. This will speed up their process and allow them to meet the agreed-upon timelines set out in the agreement of purchase & sale.
There is nothing worse than on the day of waiving conditions as outlined in the agreement of purchase & sale you are notified by the buyer that he/she has not achieved financing or other obligations. Remember the importance of time is of the essence for everyone! Even when it isn’t in the agreement of purchase and sale.
Some or all of these will be used depending on the building and personal preference and others will be mandatory for financing.
- Pictures
- Agreement of Purchase & Sale
- Rent Roll
- Tenant Rental Status Report
- Survey
- Taxes- Interim or Final
- MPAC Statement Showing Individual School Tax Paid Per Unit
- Zoning and Permitted Uses
- Appraisal
- Mortgage Statement(s)
- Insurance Policy
- Insurance Quote
- Phase One Quote
- Management Contract
- Superintendent Contract
- Gas Bills
- Hydro Bills
- Water & Sewer Bills
- Other- Telephone, Cable TV. etc.
- Elevator
- Contracts
- Capital Item Improvement Leases
- Additional Revenue Contracts
- Floor Plans or Unit Square Footage
- Pest Control
- Snow Removal
- Land
- Maintenance & Repairs
- List of Chattels Included in Sale
- Fire Retro Fit Letter
- Fire Safety Plan
- Annual Fire Inspection Certificate
- Blueprints of Buildings
- Capital Item Repairs/Improvements
- Environmental Phase I
- Environmental Phase II
- Environmental Phase III Hazmat Removal
- Engineers Structural Report
- Asbestos Report
- Tenant Rental Leases & Rental Applications
- Commercial Lease(s) if Any