Confidentiality is important and there are many forms of confidentiality. First, for a variety of reasons you don’t want everyone knowing your building is for sale. For example, you don’t want your staff knowing, or you only want the most qualified buyers to know. If this is the case, your building will not be widely exposed. We’ll only send it to targeted qualify buyers who we approve with you first. Then there is the confidentiality of income and expenses and your net operating income of the building. We will protect your confidentiality here by having everyone who receives the income and expense statement and the financials sign a confidentiality agreement. During the due diligence period we will ensure a clause in the purchase and sale agreement that keeps all the information found during the due diligence period confidential if the deals fall through. For example, if your purchaser find that he needs a phase 2, and then the deal falls through, the prospective buyer can’t share that information with city hall. Confidentiality is complex, and every buyer has different needs. As a broker our responsibility is to determine and respect your individual needs.
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