When it comes to offers being made on your commercial property, there are common steps that are usually followed. Learn all the steps involved in receiving and accepting an offer on your commercial property with our guide.
All offers received for your commercial property will go through your agent. They are required by law to inform you about any offers. You are not obliged to accept offers received. Your agent will be able to formally advise you on any offers and the merits of the same. It is important to consider if the offers being made represent fair value. Whether you have accepted or declined the offer, the agent will confirm your response in writing to the party who has submitted the proposal.
When deciding whether to accept or decline an offer, it would be advantageous to receive confirmation of their commercial mortgage facility that the bidding party has arranged. This will confirm the financial reliability of the buyer, knowing that the purchaser is in a strong position to complete the transaction.
If you have decided to accept the offer, a draft Sale Agreement will be prepared for you and the purchaser to approve. A lockout agreement could also be considered to the mutual advantage of both parties (please refer to ‘Exchange of Contracts and Completion’ section).
If you have the right product in the right location, there should be demand for your premises even in today’s difficult economic times.
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