It’s no secret that commercial real estate can be a very lucrative investment. However, it’s also no secret that selling commercial property can be a very costly endeavor if you’re not careful. Here are three mistakes people often make when selling commercial property in Ontario.
Selling commercial property is a complex process, and there are a lot of things that can go wrong. If you’re not careful, you could end up losing a lot of money. Here are three mistakes people often make when selling commercial property in Ontario.
Not Filing a Notice of Sale with the City
When you sell commercial property in Ontario, you are required to file a notice of sale with the city. This is important because it gives the city the opportunity to inspect the property and make sure that it meets all the necessary code requirements. If you don’t file a notice of sale, you could be fined or even have your sale nullified.
Not Getting an Environmental Assessment
Another mistake people make when selling commercial property in Ontario is not getting an environmental assessment. This is important because it will determine whether or not there are any hazardous materials on the property that need to be remediated before the sale can proceed. If you don’t get an environmental assessment, you could be liable for any damages that occur as a result of the hazardous materials on the property.
Not Doing Your Due diligence
One of the most important things you need to do when selling commercial property in Ontario is your due diligence. This means that you need to research the market value of similar properties in the area so that you can price your property accordingly. You also need to make sure that there are no outstanding liens or encumbrances on the property that could complicate the sale. If you don’t do your due diligence, you could end up losing a lot of money on the sale.
Selling commercial property in Ontario can be a very lucrative endeavor, but it’s also important to be aware of the potential pitfalls.if you’re not careful, you could end up making one (or all) of these three costly mistakes. So, before you list your property for sale, make sure to do your due diligence and consult with a professional who can help ensure a smooth and successful transaction.
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