Office Condo Buying Process

1. Define basic requirements: 7 to 14 days
Size and layout
Expansion requirements
Down payment available
Mortgage terms desired
Image and quality
Geographical area
Intangibles
Goals and assumptions

    2. Preliminary Analysis: 7 to 14 Days
    Preliminary market surveySales comparables reportEstimated mortgage calculations
    Proforma cash flow analysis
    Lease vs. buy analysis
    3. Selection / strategy with support team: 3 to 14 Days
    Attorney
    CPA or Financial Advisor
    Space Planner
    Mortgage Broker
    Interior Design
    4. Determine alternatives available: 7 to 90 Days
    General market knowledge of “deals” availableSearch of database / Commercial MLSVerification of terms and conditions
    Present list
    5. Narrow down alternatives: 7 to 14 Days
    Inspection tours of likely alternativesSelection of 3 – 5 best alternativesPreliminary space planning of best alternatives
    Selection of top alternatives
    6. Analysis of alternatives: 1 to 7 Days
    Financial analysisLayout efficienciesIntangibles and goal analysis
    7. Final selection: 7 to 90+ days
    Choose top alternativeEstablish terms requiredPrepare and present Purchase and Sale Agreement
    Counter offer as necessary
    8. Contingency Period: 15 to 90 days
    Review and note time requirementsHire appropriate servicesDo detailed inspections
    Finalize financing
    Make appropriate applications
    Remove contingencies in a timely fashion
    9. Closing: 1 to 7 days
    Closing Checklist
    10. Tenant improvement or Renovation: 0 to 90 days
    Monitor progressReport progressFinal walk through check
    Total Time Required
    55 to 430+ days
    Realistic Time Frame
    120 to 180 days.