Selling Your Thunder Bay Investment Property

Are you thinking of selling your Thunder Bay Investment Property?  There are a few things that you will want to know, to help you get organized to list your properties for sale.  The more organized you are with information from the onset, the more attractive your listing will be to other investor buyers.

Selling your Thunder Bay Investment Property:  Multiplex

There are a few pertinent pieces of information that you will require when listing a residential multiplex for sale.  Here are a few things to consider;

  • Has there been a recent retrofit/ fire inspection?  Is the building up to code?
  • What are the year end totals for all utilities, as well as insurance, maintenance costs, and property taxes.
  • Is your rent role up to date- current tenant information, rents etc.
  • Is the building ‘legal’?- You can check with the City for verification of Legality.

These are just a few of most pertinent pieces of information that you will want to have prepped prior to listing your building for sale.

Selling your Thunder Bay Investment Property:  Multi Family Home

If you are considering selling your residential multi family property in Thunder Bay, there will be a couple of things to check into/ verify first;

  • Legality is a huge issue.  Check with the City to make sure that the property is actually a legal multifamily dwelling.  If you are planning on marketing and selling it as an investment property, it really does need to be legally zoned as such.
  • Retrofit- independent of legality, retrofit is the next biggest issue.  Has the Fire Department been in recently to do an inspection?  The property needs to have a current retrofit to ensure that it’s up to code.
  • It’s important to give thought to how cooperative your tenants will be with showings etc.  If the property is tenanted, non cooperative tenants can really make things difficult.  Potential Buyers will want to see inside each ‘unit’.

Selling your Thunder Bay Investment Property as a Company

  • If your investment property is listed under a company name, you will need to provide your Real Estate Agent with a copy of your Articles of Incorporation, which will list out who within your company has signing authority for listing/ selling property.

Having considered these preliminary items before listing your property for sale will help to ensure that you are in a proactive position with regards to the types of information that other investors will be interested in obtaining before making an offer to purchase.  Of course every investment property is different and has unique circumstances that will impact what additional types of information that you will need to understand and provide.  When in doubt, it’s always best to contact your Lawyer for legal guidance.

 

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