Business Property Checklist

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 1. Buying Commercial Real Estate.

• Include all details on the business property in your purchase agreement. The details are:
  • Type of property (real estate, personal property)
  • Purchase price
  • Payment date
  • Name of a document proving your ownership after the deal is made
  • Conditions for cancelling the deal and getting back your deposit
  • Rules for taxes and utility bills allocation between you and the seller
  • Possession date
  • Be careful about accepting the purchase agreement signed by someone other than the legal owner of the property.
  • Be sure the agreement contains a full legal description of the property you’re going to buy.
  • Discuss alternatives to an immediate deal. It means that you can consider an option to pay for the property at a set price within a fixed period of time, for example 60 days.
  • Carefully examine every clause of the purchase agreement. Ask your lawyer to help you with this task.
  • Agree on all fixtures that go along with the property.
  • Use contingency clauses to protect your rights.
  • Get seller warranties and obligations in writing.

2. Maintaining Business Property.

• Building repairs. Basically, this activity includes different tasks for maintaining the whole building and its parts, like windows, doors, floors, walls and others. As a business owner you can’t do this job. That’s why you can employ a building manager who will oversee and facilitate scheduled repairs as they come up as well as regular maintenance. Note that building repairs should be done according to maintenance details and warranties defined by your rental/purchase agreement.
• Electrical installation. This activity is a part of facilities management to maintain different facilities and gadgets used by your company. Encourage your facility manager in scheduling and conducting regular (for example, monthly) inspections of the power supply network and electrical appliances.
• Insurance claims. You need to protect your property from any kind of disaster by insuring. For example, you insure the property against fire damage, smoke, storm, accidental damage and other kinds of damages. Contact your insurance agent to discuss insurance opportunities for maintaining your building.

3. Leasing Business Property.

• Decide on the lease period (the length of time the property is leased for).
• Consider providing on-site management service like faster repairs and maintenance.
• Set the lease price based on the amount of rent your leaseholder pays per square foot of the leased property.
• Hire a broker with an adequate experience in the commercial real estate market.
• Put your property into good repair before renting it out, because then the property will look better when offered, so it’ll be more easily for you to find tenants.

 4. Selling Commercial Real Estate.

• Decide whether you pay a property agent to sell your commercial real estate or you just do it by yourself.
• Try to be a communicative and informed seller; you can use media to promote your property through newspapers, booklets, DVDs, online advertisement, etc.
• Make necessary preparations with exterior, interior, and appliances to get your property ready for selling.
• Sell unnecessary furniture and appliances.
• Decide if you want to pay a professional agent for making pre-listing inspection of your real estate.
• Think about what exterior and interior elements can be improved.
• Deal with your buyer and make a sale agreement specifying the following details:
  • Type of property (real estate, personal ...

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

BUY NOW!

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