A how to guide for sellers looking to hire a broker to assist in selling of commercial property.

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A Step by Step Process of Selling a
Commercial Real Estate Property

2. NRT
FOR OWNERS OF COMMERCIAL PROPERTY

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• 1. A decision to sell is made
• 2. Contact D. Scott Smith, CCIM to set
appointment
• 3. Before appointment gather documents
like Mortgage Balance, Leases, taxes, etc.
• 4. A Broker Opinion of Value and
evaluation is completed by agent

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• 5. Listing documents are drawn up and
reviewed. Price and terms are agreed too.
• 6. Marketing Plan and Marketing Budget
are designed.
• 7. After listing is signed, marketing and
budget are executed, we start our custom
built 60 day marketing plan of action.

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• 8. At some point during the marketing
platform we should receive a LETTER OF
INTENT.
• 9. LOI is reviewed, negotiated, and
signed.
• 10.Study Period starts (typically 60 or 90
days). Things that will be reviewed in the
study period are financial, loan terms,
purchasing entity, construction, zoning,
financing, etc.

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• 11.After study period ends a contract is
submitted and reviewed by your attorney
and negotiated between your and the
buyers side attorney.
• 12.After all terms are agreed upon,
contract is signed and earnest money
deposit is submitted to the title company
chosen by buyer. Closing date is then
chosen as well. About 30 days.

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• 13.Title Company reviews contract and
creates a HUD1. They also called existing
mortgage company to get pay off amount,
pull any liens on the property and get
everything ready for closing.
• 14.Closing day is here and all parties
come together to review all documents
and sign. All parties follow the instructions
of the title company.

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• 15. After closing, be sure to pay
taxes on the proceeds and
refer your friends!