Once you’ve accepted an offer and completed on the LOI process with Ocean Block Capital for the sale of your net-lease property, several bureaucratic tasks need to be closed before we’re able to finalize the deal and completed on the transaction.
What do these steps generally consist of:
Typically these stages involve the agreement, due diligence process, and deal completion formalities. Once the agreement process begins, the management of the deal shifts from our associates to our asset manager Michael Kyriak, who then champions the efforts with you, your attorney, the tenant, and all other necessary parties.
The immediate next steps include working on all title documents in conjunction with a title company—to ensure that the seller satisfies all requirements and legal claims to sell the property. We have our attorneys working with yours on this process, to ensure all documents are in place to facilitate the title transfer.
How long do these steps generally take:
The amount of time on this process varies from a few days to a couple of months, depending on the situation on the seller's side, access to the documents required, and the time taken by the respective bureaucratic authorities in the provisioning of the documents.
What are the specific documents needed for the acquisition:
The documents and steps encountered in the process are:
What is the seller’s role in this process?
As a seller, your active role tends to be minimal during these stages. We continue to work with your attorneys and the all other parties at this time. However, it is vital that you monitor these processes, as your occasional involvement might be necessary in the smooth transfer of documents—from yourself to us, or from the tenant to us.
Most often, some documents are required to be sourced from the tenants and would require seller involvement to allow for the sharing of those documents. We’d usually be willing to take that over from you, but sometimes it involves permission and clearance and tends to be faster when the seller and tenant work together and source those documents for us.
It’s essential that all documents that are required from you be compiled beforehand, so as not to scramble for them during these stages of the deal, potentially impacting the timeline in closing on the transaction.
We advise sellers to be organized and ready with all their documents, and establish and maintain a good tenant contact as they’re going to be involved with some part of the paperwork and their cooperation is helpful to facilitate the deal process. Tenants can sometimes be unresponsive, and the experience can be very bureaucratic, which slows the closing process.
Otherwise, The Ocean Block Capital team aspires to be aggressive in pursuing all the moving parts to the deal, with the goal of a seamless transaction and an on-time payout for the seller.