One of the most common questions I get from investors and buyers doing their own market research is whether commercial real estate sales are public record. It’s a smart question — and the answer has meaningful implications for how you conduct due diligence, research comparable sales, and understand the market you’re operating in.
The short answer is yes — in most US jurisdictions, commercial real estate sales are a matter of public record. But the longer answer, which is where the real value lives, is about what’s actually available, where to find it, and how to use it effectively.
What Is Public Record in a Commercial Real Estate Sale
The Deed
When a commercial property changes hands, the transfer of ownership is documented through a deed — a legal instrument conveying title from seller to buyer. That deed is recorded with the county recorder or register of deeds in the jurisdiction where the property is located, making it a permanent public record.
The recorded deed typically contains:
- Names of the grantor (seller) and grantee (buyer)
- Legal description of the property
- Date of transfer
- Any consideration recited in the deed
The Sale Price
Here’s where it gets nuanced: whether the actual sale price is publicly available depends on your jurisdiction. In most US states, the sale price is either stated directly in the deed or can be calculated from documentary transfer taxes or excise taxes recorded at closing.
In some states — called non-disclosure states — sale prices are not required to be publicly disclosed. Currently, a number of states including Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri, Montana, New Mexico, North Dakota, Texas, Utah, and Wyoming are considered full or partial non-disclosure states, meaning sale price data is not readily available through public records.
In disclosure states, sale prices are accessible through:
- The deed itself
- Documentary transfer tax stamps (where the tax amount reveals the sale price)
- County assessor records that include recent sale price data
Title and Encumbrance Records
In addition to deed transfers, the following are part of the public record through county recorder filings:
- Deeds of trust and mortgages securing the property
- Mechanics’ liens and judgment liens
- Easements, CC&Rs, and other recorded encumbrances
- Memoranda of lease for recorded leasehold interests
- Subordination and non-disturbance agreements
Where to Access Commercial Real Estate Sales Records
County Assessor and Recorder Websites
Most counties now provide online access to property records including deed transfers, assessed values, and sale history. The quality and completeness of these online systems varies significantly by jurisdiction — major metropolitan counties typically have sophisticated online portals while smaller rural counties may require in-person visits.
Search by property address, parcel number (APN), or owner name to access available records.
CoStar
CoStar maintains the most comprehensive database of commercial real estate sales transactions in the US — including properties in both disclosure and non-disclosure states. CoStar collects sales data through a combination of public records, direct broker reporting, and proprietary research. The depth of CoStar sales comp data — including price per square foot, cap rate at time of sale, buyer and seller identity, and financing details — is unmatched by any free public resource.
This is one of the primary reasons working with a commercial real estate advisor who has CoStar access is so valuable for due diligence and market research.
LoopNet
LoopNet’s sold listings section provides historical sales data for properties that were previously listed on the platform. While less comprehensive than CoStar, it’s a useful free starting point for researching recent commercial sales in a target market.
PACER (Public Access to Court Electronic Records)
For distressed commercial real estate sales — including foreclosure auctions, bankruptcy sales, and receivership dispositions — PACER provides access to federal court records that document the transaction terms and parties.
How to Use Public Sales Records Effectively
Comparable Sales Analysis
Sales records are the foundation of any credible commercial property valuation. By compiling recent sales of comparable properties — similar asset type, size, location, and condition — you can establish a market value range for a property you’re evaluating or selling.
Key metrics to extract from sales comps:
- Price per square foot
- Cap rate at time of sale (NOI ÷ Sale price)
- Price per unit (for multifamily)
- Days on market before sale
- Buyer and seller profile
Ownership Research
Deed records reveal not just sale prices but ownership history — who has owned a property, for how long, and at what price. This information is valuable for identifying long-term holders who may be approaching a natural exit point and could be receptive to a direct approach.
Market Trend Analysis
Tracking sales volume, pricing trends, and cap rate movements over time through public records and CoStar data reveals where a market is in its cycle and where it’s heading — critical context for both acquisition and disposition decisions.
The Limitations of Public Records
While commercial real estate sales are largely public record, there are important limitations:
- Non-disclosure states limit price transparency
- Off-market transactions may not be documented with the same detail as brokered sales
- Entity ownership can obscure the identity of actual buyers and sellers
- Public records lag: There can be weeks or months between closing and recording
Professional databases like CoStar supplement public records to fill these gaps — which is why professional-grade market research goes beyond what any free public resource can provide.
If you want help researching commercial real estate sales data in your target market — or using that data to inform a buy, sell, or hold decision — I’m Matt Bingaman. Contact me today and let’s put the data to work for your strategy.