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Illinois Commercial Property Sales Package

Category:
Real Estate - Commercial
State:
Illinois
Control #:
IL-P021-PKG
Format:
Word; 
Rich Text
Instant download
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Description

With this Commercial Property Sales Package, you will find many of the forms that are part of closing a commercial real estate transaction.


Included in your package are the following forms:



1. A Contract for the Sale and Purchase of a Commercial Lot or Land without a Broker;

2. A Option for the Sale and Purchase of a Commercial Building;

3. A Option for the Sale and Purchase of a Commercial Lot or Land;

4. An Addendum for Environmental Assessment of Threatened or Endangered Species or Wetlands;

5. An Addendum for Continued Marketing of Property by Seller due to Contingencies;

6. An Exchange Addendum to Contract for Tax Free Exchange under Section 1031;

7. A Tax Free Exchange Agreement pursuant to Section 1031; and

8. A Fixed Rate Promissory Note Secured by Commercial Real Estate.



Purchase this package and save up to 30% over purchasing the forms separately!

Definition and meaning

The Illinois Commercial Property Sales Package is a collection of legal forms designed to facilitate the sale or purchase of commercial real estate in Illinois. This package includes various documents that help outline the terms, conditions, and obligations of the parties involved in the transaction. Each form is drafted by licensed attorneys to ensure compliance with state laws and regulations.

Key components of the form

This sales package contains several essential forms:

  • Contract for the Sale and Purchase of Commercial Real Estate – outlines the terms of the real estate sale.
  • Option for the Sale and Purchase of a Commercial Building – grants a potential buyer the right to purchase a commercial property.
  • Addendum for Environmental Assessment – addresses potential environmental concerns regarding the property.
  • Tax Free Exchange Agreement – facilitates tax deferred exchanges under Section 1031.
  • Fixed Rate Promissory Note – details the repayment terms when borrowing against commercial property.

Who should use this form

The Illinois Commercial Property Sales Package is intended for individuals and businesses engaged in the buying and selling of commercial real estate in Illinois. This includes real estate investors, property developers, and business owners looking to acquire commercial space. Users should have a basic understanding of commercial real estate transactions, or consult with a legal professional for guidance.

How to complete a form

To complete the forms in the Illinois Commercial Property Sales Package, follow these steps:

  1. Read each form carefully to understand its purpose and requirements.
  2. Gather all necessary information such as property details, buyer and seller information, and financial terms.
  3. Use the provided fields to input the required data accurately.
  4. Review the completed documents to ensure all information is correct and no sections are left blank.
  5. Sign the forms where indicated and have them notarized if necessary.
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How to fill out Illinois Commercial Property Sales Package?

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  5. To acquire a valid sample, verify its applicability for your state.
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Form popularity

FAQ

The Income Approach Also referred to as the Income Capitalization Approach, this tactic is the one most commonly used in commercial real estate transactions. The value is established here by estimating the property's income using the capitalization rate (commonly referred to as merely the cap rate).

#1 Work with a Commercial Real Estate Broker. #2 Sell It Fast to an Investor (aka Cash Property Buyer) #3 Sell It By Owner Using a Professional Appraiser. Three Approaches to Commercial Property Appraisal. Create a Marketing Package. Where to Advertise Your Commercial Property.

A good rental yield tends to be upwards of 5% and around 8% is particularly strong.

While a TDS is not mandated for commercial property sales, commercial buyers are still protected by common law disclosure requirements.

Know Your Needs. The first step in an effective negotiation is to have a firm grasp on what you need out of the lease or sale. Set Budget Beforehand. Now that you have a general idea of what you're looking for, it's time to set a budget. Due Diligence. Making an Offer. Treat All Parties With Respect.

Know Your Needs. The first step in an effective negotiation is to have a firm grasp on what you need out of the lease or sale. Set Budget Beforehand. Now that you have a general idea of what you're looking for, it's time to set a budget. Due Diligence. Making an Offer. Treat All Parties With Respect.

The Person Liable for the Lease. Your Business Structure. How Long You Have Been in Business. The Nature of Your Business. Contact Information. Your Proposed Terms (or, Counter Offer) The Length of the Lease. Condition of the Property.

An introduction paragraph: a brief sentence or two stating what the letter's purpose is. Involved parties, including the buyer's and seller's names and contact information. A property description, including the address and possibly the legal description.

Figure Out Your Goal for the Project. Create a Property Level Financial Model for the Deal. Create a Model Based on Your Proposed Deal Structure With Your Investor. Adjust Your Proposed Structure So That the Deal Would Make Sense for You to Do.

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