Missouri commercial property owners who are wanting to offer their properties for sale should do several things before they do so to help to facilitate the transactions. By taking these steps, the property owners may increase their likelihoods of selling their properties for prices that provide them with the type of profits that they are seeking.
Property owners should start by conducting preliminary title searches. This can help them to identify any unpaid taxes and monetary liens that exist on the property so that they can either challenge them or pay them. It is difficult to sell properties that have liens and unpaid taxes against them because it indicates to prospective buyers that the sellers have not been able to manage their properties and are in financial distress.
They should also determine who will need to approve the sale. Many commercial properties are owned by the owners through corporations, partnerships, limited liability companies, trusts or tenancies in common. It is important for the prospective sellers to understand who will need to approve a sale and to get the written agreement to offer the property. If it is unclear who owns the property, the prospective seller will need to get that taken care of. Sellers should also review their loan documents in order to determine if their loans are assumable. If they are, it can be a good selling point and allow them to command higher asking prices.
Selling commercial property can involve multiple pitfalls. Commercial property owners may want to get legal help from an experienced real estate attorney to make certain that their rights are protected and that they will be able to avoid issues that might otherwise impede the transactions. By taking the appropriate steps in the preparation of offering the properties for sale, the owners may enjoy higher profit margins and a smoother transaction process.