historic residential building for reconstruction
Location:
The historical centre
of Riga
The property consists of:
A street-facing building (an
architectural monument)
Specifics of the deal
The property owner resided in the USA and had delegated the signing of the deal to their representatives. The property was already under contract for sale when the owner suddenly withdrew from the transaction with this buyer for personal reasons. They also refused to negotiate directly with a new buyer or to consider any changes to the existing
agreement. Additionally, the property was encumbered by 36 rent agreements, 12 of which werelong-term.
The task given to Silver Fox
To complete the deal within a very short timeframe without changing a single term in the
existing sales agreement.
The process of the deal
A new buyer was found, who then managed to attract an investor. Having considered the obvious potential of the property (due to its low sale price), the investor quickly made the decision to fully finance the transaction. Silver Fox experts had to plan and ensure the other components of the deal in record time: an escrow account agreement, payment of taxes, and fast-tracking the procedure of registration in the Land Register. An evaluation of the dissolution of the rent agreements, which were encumbering the property, was
also made for the buyer.
The outcome
After the successful closing of the deal, the renters were vacated from the property, and it was fully renovated. A residential complex with 36 apartments was commissioned and has now received its new residents.