Colonial Commercial Asset Receivership Services
Asset Receivership Services Include:
- Third party control as an appointee of the court
- Communicate with tenants to answer questions, see that their needs are met, review leases, and ensure continuity of the asset’s rental income stream
- Secure all property warranties, maintenance records, leases, and other documentation
- Establish management procedures
- Contact all utility providers and have utility accounts changed to maintain services to the asset
- Verify property insurance coverage
- Preserve the physical aspects of the asset
- Provide construction management in the case of an incomplete or damaged asset
- Provide comprehensive project accounting
- Provide monthly or weekly reports to the lender and court
- Communicate with the legal counsel to see that the receivership directive is reflective of the needs of the asset
- Prepare the asset exit strategy
- Lease the property to prospective tenants
- Market the property for sale as directed
- Prepare transition planning
- Recommend capital improvements, deferred maintenance, or structural deficiencies
Connect With Colonial