Commercial real estate might be in high demand in Illinois, but that doesn’t mean that you’re guaranteed to make a sale. You’ll still have to make the property look appealing and figure out how to compete with other sellers on the market.
What’s the best way to sell commercial real estate?
Before you place your property on the market, you need to refresh the building so it looks as modern and attractive as possible. Even if you own an in-demand property like an apartment complex, no one’s going to buy it if it looks shabby and outdated. Try giving the building a new coat of paint, repairing the roof, fixing cracks in the walls, repaving the parking lot, adding plants and making other changes that make the property look more appealing.
You should also look at other properties on the market to see how you can compete with other sellers. When you sell real estate, you’ll need to make your property stand out as much as possible. Look at the values of other properties on the market and see what makes them appealing to potential buyers. You could also hire someone to appraise your property so you get an accurate valuation.
If you’re having trouble finding buyers for your property, consider advertising it in the newspaper, on social media and other places that might attract buyers. You could even film virtual tours that allow people to see the inside of your property without leaving their house. For a clean sale, talk to a real estate law attorney who has experience with commercial transactions.
Can you break the law when selling property?
Buying and selling commercial property comes with a set of laws like anything else. For example, you might accidentally break the law if you don’t disclose a major property defect. An attorney could walk you through the process and ensure that you follow state laws along the way.
Zoning laws and their impact on commercial property buyers in Illinois
Zoning laws can significantly impact how you can use commercial property. In Illinois, these laws are set by local governments and can influence your plans. For example, a property zoned for retail use might not be suitable for manufacturing without a rezoning process, which can be both costly and uncertain. Before purchasing, make sure to check the current zoning status and understand the potential challenges and expenses involved in changing the property’s use to fit your business needs.
Disclosure requirements for environmental issues
Illinois has specific rules about disclosing environmental issues to potential buyers. If your property has any known environmental hazards, such as past contamination, you are legally required to disclose this information. Environmental liability can arise from various sources, including prior land use like dry cleaning facilities, gas stations or landfills, as well as physical features such as dead vegetation or storage containers. The costs for environmental cleanup and litigation can be substantial, so it’s crucial to conduct thorough environmental assessments.
Specifically, the Illinois Environmental Protection Act and the Illinois Responsible Property Transfer Act mandate disclosures of environmental hazards. Failure to comply with these regulations can lead to severe consequences, including penalties, fines and potential voiding of the sale. Being transparent about any environmental issues and familiarizing yourself with both federal and state laws can help you avoid legal repercussions.
Legal recourse for buyers in Illinois
If a seller fails to disclose a known material defect, buyers in Illinois have several legal options. These include:
- Rescission of the contract: Canceling the purchase agreement and getting a refund of any money paid.
- Damages: Suing for monetary compensation to cover the cost of repairs or the decrease in the property’s value due to the undisclosed defect.
- Specific performance: Seeking a court order requiring the seller to correct the defect.
The seller, listing broker, your broker and home inspector may all be liable if they failed to disclose known defects or misrepresented the property’s condition. Illinois law, under the Illinois Residential Real Property Disclosure Act, requires sellers to disclose known defects. If they fail to do so, buyers can seek remedies under common fraud and negligence laws. Additionally, brokers and inspectors may be liable under the Illinois Consumer Fraud and Deceptive Business Practices Act and other relevant statutes. Buyers should act promptly upon discovering any undisclosed defects, review their purchase and inspection contracts, and consult with a real estate attorney to explore their options and ensure their rights are protected.