If you’re wondering what the selling process of your net-lease property to Ocean Block Capital would be, we’ve detailed it here.
Stage 1: The Offer
You might receive an offer from submitting your net-lease property for acquisition consideration, on our website. Alternatively, our associates might already be working with you if your property happens to fit into our investment strategy.
The selling process for you, and the buying process for us generally starts with this prospective offer that our associates first provide verbally over the phone, with some back-and-forths until we agree on terms.
This might occur within a few days from the day you’ve submitted your property, or have expressed interest in receiving an offer.
Stage 2: The Letter of Intent:
Once you have agreed on terms, we move to a more formal process of submitting to you a Letter of Intent (LOI), which continues to be non-binding in nature.
Once you’ve signed off on the LOI that includes the final selling amount and the specific terms you’ve prescribed, we take over the entire process thereafter. From this stage onwards, you do not have to make any efforts from your end, for any and all bureaucratic tasks.
Stage 3: The Agreement:
We forward the mutually agreed upon letter of intent, to our attorney team who then provides the initial purchase and sale agreement draft to both parties within 48 hours. This way no effort, time, and expense would need to be made from the seller’s end.
Stage 4: The Due Diligence:
Once you receive the agreement, review, and sign off on it, we would then be “under contract”, and Ocean Block Capital then goes ahead and deals with all third parties and efforts thereon—survey, zoning report, property condition report, title report, environmental report, lease abstracting, conducting site-visits. The seller does not need to do anything during the due diligence period—Ocean Block Capital manages the entire process.
Once all third parties are waived and we’ve deemed that the deal is ready to close, we move into the closing period, which is typically a 2-3 week process. In this closing period all documents are submitted to escrow, money is wired and the deal is ultimately closed.
Stage 5: The Deal Completion:
This entire transaction timeline ranges from 30-60 days, and might go up to 90 days in the case of third-party non-availabilities or other dependencies.