Selling your business or commercial property may be one of the last dominos to fall as you work to fill your retirement fund, and if that’s the case, let us be one of the first to congratulate you on your impending retirement! You’ve made it this far, and you want to make sure these last few steps before retirement go smoothly, and that’s especially true if you are selling your business or other commercial property. If you want your sale to go correctly, you need to connect with a title service company like Commercial Partners to see the sale through. Below, we explain what to keep in mind when selling commercial property in retirement, and why a title service company can be so essential with the sale.
Selling Commercial Property During Retirement
There are many reasons why older adults may wish to sell off their business or commercial property as part of their retirement plan. Selling at this stage of one’s life can:
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Provide an income boost
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Free you from certain responsibilities and obligations
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Provide tax benefits
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Ensure property is passed down advantageously based on your goals
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Allow you to pursue other opportunities
In order to achieve these goals, you need to be smart about how you approach the sale of your property, and oftentimes the best way to do this is by connecting with a title services company. We can assist with many aspects of your sale and keep everything running smoothly through closing day. Here’s just a few of the reasons why a commercial title services team can be helpful if you’re selling commercial property as part of your retirement plan.
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Discretion - Perhaps the sale of your business could have financial or employee ramifications if news broke before the sale is completed. We can craft non-disclosure agreements and work with individuals on a need-to-know basis to ensure private information doesn’t become public before you are ready.
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Title Insurance Implications - As we’ve talked about at length on the blog, title insurance typically transfers to the new owner in the event that you leave your commercial property to an heir following your passing. However, if you sell the property, the new owner is going to have to secure a new title insurance policy. This may be of no importance to you if you’re selling to a buyer you hadn’t met before the sale, but if you’re selling to family or children, they will have to secure title insurance for themselves.
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Escrow Services - We can handle escrow services as a neutral third party, ensuring both you and the buyer take care of their obligations during the due diligence period. We can then securely transfer funds to your account when the time comes.
You’ve worked hard to get where you are, don’t let a mistake in the final stages compromise your vision of retirement. Instead, let the team at Commercial Partners ensure everything runs smoothly with your commercial sale so that you can sail off into retirement. For more information, or for help with another aspect of commercial real estate, reach out to our team at (612) 337-2470.