CALL FOR OFFERS DUE AUGUST 30TH, 2017
When are the offers due?
The deadline to submit offers on the properties is 5:00PM EST August 30, 2017
Where should offers be submitted?
All offers should be sent to Randy Thomas at Insite Commercial. Offers can be sent by email to email@example.com or by mail: Insite Commercial C/O Randy Thomas 1111 W. Oakley Park, Suite 220, Commerce Township, MI 48390.
How should offers be submitted?
Offers should be submitted in a typical Letter of Intent format, which should include the following:
- Property (Commerce or Independence Township)
- Intended use
- Zoning sought in the municipality for intended use
- Time required for property due diligence and municipal approvals
- Earnest deposit amount (all deposits will be held by First American Title Company, who will also be providing the title commitment)
- Any releases of earnest deposit monies associated with due diligence timelines
- Cash or finance offer to buy the land
- Disclose any contingencies relating to the purchase of the property
Will offers be accepted for a portion of the property only?
All offers will be considered, however Beaumont will only strongly consider those for a purchase of the entire property.
What title company will be used and what is the minimum deposit amount required?
The title company will be First American Title and the minimum deposit required is $100,000.
What is the Buyer’s Premium?
All offers that will be considered will have an additional 6% Buyer’s Premium added to the purchase price at closing. Cooperating brokers will be compensated 2% of the Buyer’s Premium.
Who will draft the formal Purchase Agreement?
The chosen purchaser(s) final Letter of Intent will be converted into a formal Purchase Agreement by Beaumont’s legal counsel for purchaser(s) review.
What is taken into consideration to be considered?
Several factors will be considered in making the final decision by Beaumont’s real estate team. These factors include price, cash or financing payment method to buy the land, intended use, likelihood of receiving zoning approval for intended use, duration of due diligence period and approval timelines, and track record of purchaser(s). Please note, Broker may make recommendations, but it will be Beaumont’s final decision on who eventually purchases the properties.
When will possible purchaser(s) be notified of being selected as a potential buyer of the property?
Prospective purchaser(s) will be notified on or before September 29, 2017 if they or other potential purchasers have met Beaumont’s selection criteria. It may be possible that Beaumont may elect to select more than one purchaser and counter the Letters of Intent during the selection process. In such an event, final offers from the prospective purchasers will be requested.
What is the current zoning of the properties?
Commerce Township is zoned HF – Hospital Facility and will need to be rezoned for any other use. Please contact Dave Campbell, Commerce Township Planning Director at 248-960-7050 to seek additional information.
Independence Township has mixed zoning that provides for office (OS-2) and residential (R1-A). Please contact Brian Oppmann, Independence Township Planning and Zoning Administrator at 248-625-8111 to seek additional information.
What information relating to the property surveys, studies and due diligence will be available prior to making offesr?
Over the years Beaumont has done some, but not all, of the type of due diligence a purchaser would want to know before purchasing the property. That information can be found at www.beaumont-land.com. It will be the responsibility of each purchaser to do their own due diligence and rely on their own studies before buying the property, as the available studies done by Beaumont may have changed over the years and should be only used as guidance and purchasers should not rely on them for total accuracy.