Invest in PEICommercial investor resource
What to request before buying a PEI commercial property
Use this checklist to organize your first conversation with the seller, your REALTOR®, and your professional advisers. Not every document exists for every property. Missing information is a question to investigate, not something to replace with an optimistic estimate.
Income and leases
- Current rent roll showing units or spaces, rent, deposits, lease dates, and vacancies.
- Signed leases, amendments, renewal options, and any written concessions.
- Available collection history, arrears records, and explanations of income that is projected rather than collected.
- Details of which utilities, taxes, maintenance, and other costs tenants pay.
Operating expenses
- Available historical operating statements and supporting invoices.
- Property tax bills, utility bills, insurance costs, and maintenance records.
- Management, snow removal, waste collection, and other service contracts.
- Known upcoming repairs and replacements, with available estimates.
Building, land, and permitted use
- Available surveys, plans, permits, inspection reports, and occupancy records.
- Information about current uses and any proposed change of use to discuss with the municipality.
- Available environmental assessments and records concerning tanks or previous uses.
- Available information about access, parking, servicing, boundaries, and easements for professional review.
Financing and closing questions
- The lender's document requirements and financing assumptions.
- An insurance quote based on the actual property and intended use.
- A lawyer's review of title, ownership eligibility, transaction structure, and purchase conditions.
- An accountant's advice on tax treatment, plus a closing-cost budget confirmed with your advisers.
Check the assumptions before the asking price
Separate actual income from projected income. Note expenses that may change after purchase. Keep major future repairs visible rather than treating them as free. A calculator is a way to test assumptions, not proof of value or financing approval.
Ready to explore properties?
Invest in PEI is an educational resource from Jodi Bernard, REALTOR® with CENTURY 21 Northumberland Realty. Current listings and real estate services are on jodibernard.com.
General educational checklist only. This is not a complete inspection, legal opinion, tax opinion, appraisal, or lender checklist. Requirements depend on the property and transaction; confirm them with qualified professionals.