Buying and Selling Commercial Property
How do I buy or sell commercial property?
A sale or purchase of a commercial property is different from a residential sale. The due diligence investigations are more thorough and we need to check such things as whether the premises you are buying can be used for your intended use. The warranties (or promises) given by the seller under a commercial sale and purchase agreement have different implications than in a residential situation.
Whether you are buying or selling commercial premises, it is always advisable to have the agreement checked by a lawyer before signing.
How else can we assist with a commercial property sale and purchase transaction?
Once the sale and purchase agreement has been signed we would usually assist with:
- Due diligence including checking any body corporate rules, minutes and disclosures and review of the LIM report;
- Review of the title to the property including any covenants or encumbrances against the title;
- Review of the sale and purchase agreement including ensuring you are aware of all condition dates;
- If the premises are still being built, then ensure the correct clauses are included in the contract to protect the seller or purchaser;
- Advising on Vendor warranties;
- Ensuring all necessary Code Compliance Certificates have been issued or make appropriate provision for this in the agreement; and
- Arranging for the correct amount of money to change hands between the parties including apportionments for rates, body corporate fees, rent or water.
We act for landlords and tenants when they want to enter into a commercial property lease. We are able to draft new commercial lease agreements or review those that have been presented to you to sign, ensuring your best interests are represented. When your commercial lease comes for renewal, we are able to review the renewal documentation and draft any necessary variations to meet your changing needs.
Please click here to read more about commercial property leasing, and read below to see the services we offer.
The types of commercial leasing work we do include:
- Drafting commercial leases;
- Review of commercial leases;
- Review of shopping centre leases (which are often different from other types of commercial leases);
- Review of sports organisation leases;
- Renewal and variation of leases;
- Recording rent reviews in a legal deed;
- Assignment of leases;
- Advising on termination or surrender of leases;
- Advising on landlord or tenant’s obligations for example maintenance obligations;
- Serving notices for breach of lease terms; and
- Advising on the resolution of disputes.