Check out the most desirable commercial real estate in the Phoenix/Scottsdale area.

   
     480-529-6400
jiml@cutlercommercial.com

Tap To Call

Purchasing Timeline

Timeline

General steps to Purchasing a Building with SBA Financing without Tenant Improvements needed.– Following is a general timeline with a list of items that should be addressed  during each specific time period. This is a general timing format subject to change according to the specific transaction. It is very important to work with a knowledgeable broker and/or attorney when purchasing property.

 

  1. Pre Escrow
  • Find property
  • Negotiate Contract
  1. Open Escrow
  • Executed Contract
  • Refundable Earnest Deposit
  • Contingency period has started
  1. Contingency Period (30 Days) NOTE: Day may vary depending on negotiation.
  • Day 1 – Begins
  • Schedule Inspections : Roofer, Electrician, Air Conditioning company,Plumber, General Contractor, etc.
  • Collect Feasibility Material: Building Plans, CCR’s, Budgets, Existing Alta Survey, Phase 1, Tax Bills, current / former leases, maintenance contracts and reports, receipts, Confirm Zoning
  • Title Insurance
  • Any renegotiating happens within this Contingency Period
  • Final Bank Approvals
  1. Hard Money Period (15 Days to Close)
  • END of Feasibility Period – Please note Earnest Deposit becomes NON-REFUNDABLE
  • Continue Contact with Bank
  • Prepare to close
  • Receive Settlement Statement from Bank
  • Prepare to turn on utilities, order insurance, change of address, order moving company.
  1. Close of Escrow – Get keys and Move in!