How to sell a commercial property as an owner
There are many different types of property that an individual can own and then choose to sell, including land, business and industrial. One such property is commercial and as an owner, you likely have many questions about how exactly you can successfully and efficiently sell your commercial property for the best price possible. In this article, we will give you some top tips for how to sell commercial property as an owner.
Agree the Heads of Terms between the party and agent
The Heads of Terms are used to state the main details of the transaction when selling a property. These are referred to for the legal drafting, and thus must be accurate. In it, you should consider the price, the amount of property you are selling, rights you want to retain, timescales, which solicitor you wish to appoint and any special conditions. You should also ensure that your property has an Energy Performance Certificate.
Instruct the solicitors
Once you have agreed the Heads of Terms between you and the buyer, these will then be sent to the appointed solicitors. From there, you need to formally appoint your solicitor to act on your behalf when selling a commercial property. Usually, your solicitor will send you his or her terms of business, ask for your identification documents and any money which you have on your account.
Draft the contracts
At this point, your solicitor will send the contract package to the buyer’s solicitor. This will usually contain the draft sale contract, the title documents, energy performance certificate and replies to any Commercial Property Standard Enquiries.
Provided all runs smoothly up until this point, the buyer’s solicitor will be happy with the information obtained from the due diligence, and the terms of the sale will be negotiated and agreed. Furthermore, the transfer deed would also be agreed.
By this point, your solicitor may ask you to sign the agreed form of contract and perhaps even the transfer deed ahead of completion.
At this stage, contracts will be exchanged and a deposit of 10% will be due from the buyer, which will be lost if he or she fails to complete.
This is the final stage when the balance of purchase monies will be sent to your solicitor, your mortgage will be discharged, and you will be sent any remaining sale proceeds. At completion, the transfer deed will be completed and the legal title in the property passes to the buyer.
You will also hand over all keys to the buyer as the process of selling a commercial property is complete.
How can FastCash4Houses help?
At FashCash4Houses, we are here to help you sell commercial property fast. As a business, we prioritise ethics and confidentiality in a sale. We will always offer fair prices that reflect the state of your property and the current market, ensuring that you get the best possible price for your property. With an experienced team behind us, we have everything we need to make this process go smoothly, no matter how complicated your situation. We can even help businesses with multiple owners.
Get in touch with us today to find out how we can help you sell your commercial property.
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