A commercial property includes office spaces, industrial buildings, warehouses, factories, and retail outlets.
The process involved for transferring a commercial property is like those of a residential property. However, there are some additional matters to consider that our lawyers at Carter O’Neill Legal can help break down for you and advise so as you are making an informed decision.
What is in the contract?
The contract is the governing document of the parties that identifies all the essential terms including the parties, the property, the purchase price, and any inclusions that may be included such as light fittings. The contract also contains special conditions tailored to the specific transaction and attachments that disclose further details such as any easements or covenants affecting the property (re-direct to article).
The permitted use and location of the commercial property is vital to is viability of an investment. We will advise you what reports, enquiries and searches should be conducted to discover as much as the property as possible. The present condition of the fixture and the building must also be considered to ascertain whether allowances for future maintenance should be made.
Many commercial properties will be sold with existing tenant which means certain rights and obligations will be transferred to the purchaser from the vendor under the lease. In such case, the purchaser must review the terms of the lease and understand the key dates and what to expect going forward.
It is important that purchasers enquire about the lessee’s record in relation to lease payments, maintenance and any of their obligations under the lease as this will impact on the viability and value of the commercial property if it is an investment. Here at Carter O’Neill Legal, we can review the lease and advise you on the terms and conditions under the lease as well as explaining to you your rights and obligations.
We can advise you of all the issues that will arise when considering buying or selling a commercial property. We are experienced in all areas of property law and will assist and advise you in the matter from start to finish and everything in between.