A guide to selling your commercial property in Los Angeles
Selling commercial real estate in Los Angeles is a process of following rules and meeting requirements set by the city’s Department of Building and Safety.
It’s a step that can be circuitous and daunting. Here are a few things to help you out.
- Earthquake Gas Shut-Off Vales (EQSO) – Commercial or residential properties with fuel gas piping must have an EQSO valve properly installed, per Ordinance 171,874 (effective February 5, 1998), and Ordinance 170,158 (effective July 1, 1995)
- Water Conservation – All commercial or residential property with plumbing fixtures installed should diligently comply with Los Angeles’ Water Conservation Ordinance
The following is not explicitly required by the local government, but you would do well to have the following disclosures ready.
- Compliance certificates to ensure potential buyers that the commercial building you’re selling follows all applicable energy and safety regulations
The selling process
Here are other things that are good to know when selling commercial real estate.
- Determine the value of your commercial property by getting in touch with a professional valuation expert. This will help you set a realistic price that sits well with an informed buyer’s own estimation.
- Show the income potential of your property, both currently and in the future. It’s going to be a hard sale if the building fails to show the capacity to earn its keep.
- Make sure the property abides by local laws and ordinances. Inattention over “little details” adds up to delays and additional expenses over time, hampering and wreaking havoc on the overall process of selling commercial real estate.
- Get in touch with a commercial real estate lawyer and an experienced real estate agent to handle all of the above. Hiring experts saves you time and money, and makes short work of trying to understand everything at once.
Los Angeles Commercial Real Estate
For more information on selling commercial properties, give NordineCommercial a call at 310-379-8800.