Randy Daly
Leasing & Sales
Consultant
301-340-9400
Randy@JayClogg.com
My experience as a Commercial Real Estate Agent enables me to efficiently help you and your company locate, lease, or purchase office space that will meet your needs and expectations. I promise to give you and your company professional, reliable and personal service.
Leasing Procedure:
Once we have found a location that will work for you and your company, I will forward your financial information and a letter of intent to the Landlord, stating your offer to rent the space. This offer will state the amount you are willing to pay, the length of time you would like to lease the space for, the commencement date of the lease, the Landlord improvements or Tenant improvements that will need to be made, and many other basic terms and conditions.
Once you have negotiated the best terms and the Landlord has accepted your offer, the Landlord will prepare a lease for your review. You must read the lease carefully and if needed have your attorney read and make suggestions. You must be sure that everything in the lease meets with your approval before signing the final lease.
Purchasing Procedure:
The basic procedure to purchasing commercial property begins with finding the right property, in the right area, at the right price. Once we have found the right property, I will present a contract to the owner of the property encompassing the terms and conditions of the sale. The owner may accept or counter the offer. Once the price and terms have been negotiated and agreed to by both parties, a fully executable contract is signed by the purchaser and delivered to the seller with the earnest money deposit. Some of these terms include, the purchase price, the amount of the earnest money deposit, the length of the study period, the settlement date, names of the purchaser, and how the transfer tax and settlement fee's will be allocated. Once the seller signs this agreement the contract is fully ratified and the purchaser begins the study period. During this period, usually 30 to 60 days, the purchaser must obtain financing and investigate all aspects of the property to make sure he is fully aware of the physical and legal state of the property. If the purchaser does not cancel this contract within the study period, the purchaser is contractually obligated to purchase the property as stated in the sales contract or forfeit his earnest money deposit.
This is a simple overview of the basic procedures for purchasing a property. It is not intended to be legal advice or to be relied upon. No contract should be executed without the advice of legal counsel.
Having someone to help navigate the complicated maze of locating, comparing, and negotiating the lease or purchase of office space for your company should not be taken lightly. The success of your business relies on finding the right property with the right terms.
