Nebraska Commercial Properties

Setting the Asking Price

Although you may have an idea of how much your property is worth, it's important to have it valued by a professional on its own merits. Be careful not to price yourself too high or too low. If it's too high, there's no sale, and if it's too low you lose on your investment.

Sales & Marketing

There are many different ways to make your property easy to find to those who are looking. That's where your real estate agent comes in. They have the expertise to do the best job possible to sell your property.

The Offer

The offer outlines:

• How much the buyer is willing to pay
• When the buyer would like to take possession
• Any conditions attached to the offer
• When the offer expires

As an act of good faith, the buyer might make a deposit with the offer. A good deposit will often show the buyer's sincerity. Along with this, the buyer may attempt to "low ball" you, and submit an offer much lower than your asking price, or they may attach conditions to the offer. You don't have to accept the offer. You may wish to make a counter offer that comes part-way to meeting the offer's conditions. The counter offer is one more step along the way to negotiating the final terms and conditions of the sale.

The offer, once signed by everyone, is a binding contract. Make sure you understand and agree to all of the terms in the document. You may want to have it reviewed by your lawyer before signing.

Before Closing

If necessary, and if the buyer makes it a condition of sale, you may be asked to:

• provide a current survey, or a "real property report," showing the location of the building is on the property owned by you and that there are no encroachments
• prove that you have title to the property (the buyer's lawyer will check this out when he or she conducts a title search to see if there are any liens on the property, easements, rights of way or height restrictions)
• provide a health inspection certificate, if there is a septic system, stating the system meets local standards

The buyer may also make the purchase conditional on an inspection by a qualified engineer. You may be asked by the buyer to cover this cost.

Closing the Sale

On or before closing day, this is what happens:

• the lawyers representing you and the buyer will set up a trust account for the money coming from the sale and will pay off any mortgages you owe on the property. After these are paid, you will receive any money you have coming from the sale
• you must deliver the property deed or transfer documents, mortgage details and keys to your lawyer. Your lawyer will register the mortgage discharge and transfer the deed at closing
• your lawyer will ensure that you receive compensation for prepaid expenses such as, property taxes, electrical or gas bills, or if applicable, any heating oil left in your tank

Some lenders will make it possible for your mortgage to be portable, so you can take your mortgage with you when you move to your new home.

Finally, two things to remember:

• the capital gain from selling business property is usually taxable
• protect your investment and the deal by keeping your insurance policies in force up until the date of closing

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