How do I Sell a 12-unit Building?

[Luis Fernandez]

I own a 12-unit building. I have an interested buyer wanting to purchase the property for $100,000 with a $10,000 down payment and payments of $593 per month for 6 months. He wants to pay the entire remaining balance after 6 months when he is able to populate six of the units and get a commercial loan. What are the first steps in making this process happen? How does the deed in this type of transaction get transferred? Does a mortgage company need to get involved? What are the things to watch our for is this type of deal? 

[Ned Carey]

@Luis Fernandez you come to basic agreement on terms. Then have a good commercial real estate attorney draw up a contract for your deal using the terms you have agreed to. Then that contract goes to a title company that handles commercial deals. It could be the attorney that drew up the contract. 

The attorney who draws up the contract should be an attorney YOU hire, so the contract is written for YOUR benefit.  There are LOT of things that can be slipped into a  contract that would cost you money or hassles so you want the contract atty. on your side.  The title company is supposed to be neutral.