Help with leasing a commercial real estate
I want to take over an existing business with 2700 Sq ft in a very big plaza and have a purchase agreement. About 3 weeks ago, I have sent in my credit information to the property manager and they have yet check my credit. I have a lawyer, but I am dealing with the property manager in hopes the process will be faster. Will the process be faster if I just let my lawyer deal with the property manager?
[{"id": "ew5ox59", "text": "It\u2019s funny you say this because I am in a very similar situation - except I am on the other side.\n\nPart of my job is to do credit analysis for any prospective tenants or assignments. Your case would be an assignment because you are taking over as the guarantor for the lease.\n\nI can\u2019t do my job without all of the required docs. This includes a personal financial statement (your estimated net worth with assets and liabilities) along with any supporting documentation such as bank statements to support your claims, credit checks (credit report is important) and tax returns for the past 2 years.\n\nThe attorneys in the assignment have been piecemealing everything. Doesn\u2019t do much good for anyone as I can\u2019t do a proper analysis without everything included.\n\nSounds like the attorney could be slowing it down (which they usually do) or the property manager could be lagging, either way it would be best to just submit everything they ask for whenever you can and follow up. Let me know if you have any other questions.", "replies": [{"id": "ew5ws7i", "text": "I have submitted all the documents already, but he only needed 2 documents. They were credit and finance applications.\n\nI didn't want my attorney to be involved yet because I thought he would slow down the process. The business I'm trying to purchase is seasonal and I will loose out on a lot of money the longer it takes.\n\nIt's been 3weeks since I submitted the application. I called last week on Wednesday and he said I needed to give them my Ss  again.  I email him today and haven't heard anything back.  Should I get my attorney to speak with the property manager? What can I do to speed up the process?", "replies": [{"id": "ew60yra", "text": "What is Ss? To clarify, is your signed purchase agreement between you and the old tenant or you and the landlord? Does the purchase agreement (lease takeover?) say anything about move in times or when you can move in?\n\nHave you paid anything yet? Best idea is just to call the property manager and be nice and explain the situation that you\u2019re losing out on sales during the high season", "replies": [{"id": "ew709es", "text": "Ss is social security number. The purchase agreement is between the seller and me. No the purchase agreement does not state the move in time. Yes, I put down a deposit for the purchase agreement.", "replies": [{"id": "ew75i2u", "text": "Call the property manager and explain your situation. There may be other people involved and it could be a bit slower since lots of people are on vacation right now", "replies": [{"id": "ew7mvx9", "text": "The only problem is that it's hard to get a hold of him. I tried calling and emailing him, but he's not answering.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ew5qjou", "text": "Are you keeping the company you are purchasing's LLC? If the company signed the lease and there was no personal guarantee your credit should be irrelevant.", "replies": [{"id": "ew5vw93", "text": "I am only purchasing the assets and not the company.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ew6cuk3", "text": "A commercial real estate lease is a rental agreement that allows a business to rent commercial space from a landlord. Commercial leases come in three main forms: full-service leases, net leases, and modified gross leases.", "replies": [], "depth": 1}]