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Commercial Property Sellers Guide

How to Sell Property?

As part of your marketing campaign, it is important to understand what information buyers are likely to require when considering purchasing a commercial property. The principal considerations are suitability, location and price. A complete range of additional information should be provided to prospective buyers, in order to secure a quick sale.
The worst time to sell your commercial property would be during the recession phase when the property prices are the lowest and financing availability becomes unaffordable for many. This often results in the consequential loss of tenants and commercial property owners struggle to find occupiers.

Selling during the expansion stage, when financing has become affordable, will encourage stronger bidding and increased selling prices.

Although local Searches are usually carried out at the buyer’s cost, some proactive commercial property sellers carry them out at their own cost, in order to achieve a quicker and more effective sale process. This may make their commercial properties more attractive to prospective buyers. Given the cost of producing this pack, it may be a worthwhile exercise, as this cost is usually a very small percentage of the overall sale price.
Selling your commercial property should be carried out by appointing a professional and experienced Commercial Estate Agent. Next Property can assist you with this. There will be a fee for appointing one of our Commercial agents to sell your property.This is a specialist industry and our knowledge and competence can be make a significant difference to likely sale proceeds.
Once your property is being marketed, we will be able to maximize viewing opportunities by arranging viewings for you at suitable times. Alternatively, you will need to provide keys and access to any security measures you have.
All offers received on your commercial property will go through Next Property Commercial. We are required by law to inform you about any offers. You are not obliged to accept offers received. We will be able to formally advise you on any offers and the merits of the same.
Any proposed transaction begins with drafting a document, which clearly states the primary terms that both parties have agreed to. This document is called the ‘Heads of Terms’ (HOTS).

This means that both parties will only be subject to the comprehensive agreements that are described within the main contract. When both parties agree the HOTS, the legal work can begin. The HOTS can be a complicated task and Next Property Commercial will draw up the Heads of Terms. By using Next Property Commercial with our years experience, we can advise on the best Heads of Terms to put forward.

Until contracts have been exchanged, you can choose to sell to another interested party unless a lockout agreement has been entered into.
Completion is usually a month later but can be varied prior to exchange of contracts. This again will be outlined in the HOTS. When the balance is paid, the contract is completed.