Broker believes information to be accurate, but does not guarantee accuracy and will not be held responsible for any errors, omissions, or misleading information.  Copyright 2007 Louis A. Jenings Jr. d.b.a. C S I 
 

  The Contract and due diligence

When our buyer / prospects inquire about a property we establish the basic terms for the sale using the seller's  letter of intent.  If our seller requires a confidentiality agreement, we include it with the Letter Of Intent.  Once the buyer and seller have agreed in principal, we then execute a sales contract using the seller's pre-approved purchase agreement.  The due diligence period and financing terms are usually predicated on current market supply and demand conditions.  If you have a reliable financing source that has given you the green light to find and identify commercial real estate investment property, then the closing can usually take place within 90 days.  Shopping centers that have environmental or repair issues can also be quickly closed with specific language that addresses that money will be set aside in the buyers account to take care of those issues.

To help expedite the due diligence process, CSI suggest king for a due diligence package made up from the seller's documents that consist of:

1.  A copy of each lease.
2.  The site plan.
3.  The most recent survey.
4.  The most recent Phase I environmental study.
5.  A list of known defects to any of the real estate improvements.  (Building, parking lot, lights, sewers, etc.)
6.  The financing terms and conditions. (if applicable)
7.  Profit and Loss statements for the last 2 years.
8.  Federal tax returns for the last 2 years.
9.  Bank statements for the last 2 years.
10.  If  applicable, the tenant's franchise agreement.
11.  Real Estate Property tax bills for the last 2 years.
12.  Any insurance claims in the last 2 years.
13.  A copy of the title insurance policy.
14.  If available, the most recent building inspection.
15.  If available, any repairs to the building or real estate improvements. (parking lot, lights, sewer. etc)
16.  A Estoppels Certificate signed by each lease tenant.
17.  A 1031 Exchange acknowledgement signed by both the buyer and seller.
18.  The Escrow company that will close the transaction.

Once the purchase agreement has been signed and executed by both the buyer and the seller, we send the buyer our due diligence package along with a check list to help them get everything accomplished within the designated timelines.

For fast, professional results, pick up that 1,000 pound phone and call
Louis or Renae Jennings at 407-532-0470

email:  investments@cfl.rr.com  

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RRenae Jennings
407-532-0470
Renae is also a very talented singer/songwriter - please visit her music web site by clicking here:
Songs by
 Renae Sizemore Jennings