How to close a deal in record time

Kalniņa 6

Property type:

Residential historical building for reconstruction

Location:

The historical centre of Riga

The property consists of:

A street-facing building (architectural monument)

Specifics of the deal

A sales agreement for the property had already been signed with a buyer who couldn't find financing in time to make a payment. The property owner resided in the USA and had delegated the signing of the deal to her representatives, refusing 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 were long-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

The agreement that had already been agreed upon and signed could be assumed through the takeover of the company of the previous buyer. After considering the obvious potential of the property (due to its low sales price), the buyer took the decision to invest quickly and financed the transaction himself.

Silver Fox experts had to ensure the rest of the planning and deal components were completed in record time: escrow account agreement, payment of taxes, fast-tracking the procedure of registration in the Land Register. The 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.