Property Management
An Oklahoma commercial property manager preparing a property for sale should provide the prospective buyer with:
AOnly verbal representations about the property's income
BA complete rent roll, current leases, historical operating statements, capital expenditure history, and pending issues — a comprehensive due diligence package✓ Correct
COnly the most recent year's tax return
DJust the asking price and square footage
Explanation
Buyers of commercial investment properties conduct thorough due diligence. A comprehensive due diligence package — including rent rolls, lease abstracts, operating history, maintenance records, and capital expenditure schedules — allows buyers to make informed decisions and speeds the transaction.
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Key Terms to Know
Gross Rent Multiplier (GRM)
A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Math Concepts
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