Once you have chosen your property, you must show the property owner that you have a firm intention to purchase. In this way, you will be required to send a formal proposal and, once accepted, to make a deposit that will be managed by the closing agent.
This deposit indicates that the buyer does not want the seller to continue negotiating with anyone else, and the negotiation will naturally move towards positive closing.
And what happens to the warehouse after the closing?
If the buyer is not approved for financing, the deposit goes back to the buyer. If it is approved, the deposit goes to the seller as part of the down payment. If either party is in breach of the contract, they can claim the deposit as damages.
Always have a quality correct guiding you throughout this process, so that you can get the best possible conditions.
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