Tips For Conveyancing Commercial Property
Buying commercial property for yourself or for investment purposes can be a complicated process. This is because a buyer will have to go through the process of conveyancing. Conveyancing is the process where the seller transfers ownership of the property to the buyer.
Commercial conveyancing requires coordination with government agencies, as well as reviewing legal documents. If you’re planning to buy commercial property, read our tips to help your purchase go smoothly. Our Sydney conveyancing solicitors have years of expertise in handling commercial property conveyances!
Know Your Tax Implications
Before purchasing a property, you can ask a conveyancing lawyer in Sydney to check if taxes have been paid and updated. Working with a commercial lawyer can help you learn more about the essential taxes due on your purchase.
By finding out how much you need to pay in taxes ahead of time, you’ll be able to determine if the purchase is worth the investment. Land tax, surcharge purchaser duty, and transfer duty are just some of the common taxes you may have to pay. Consult our conveyancing solicitors in Sydney to learn more about these assessed fees.
Find Out The Permitted Uses For The Property
Before buying a commercial property, you need to know your desired property’s permitted uses. Check if the property’s potential use is compliant with local government plans, zoning restrictions, and environmental risks. For example, some areas may have strict noise restrictions or chemical use and production bans. This limits the kinds of commercial activities that you can do in properties located in more gentrified, residential areas.
A conveyancer can make the necessary enquiries with the local council and relevant government agencies. This will help you narrow down which areas will be suited for your commercial property purchase and operation.
Learn About Its Lease Structures And Existing Agreements
Commercial property is an attractive investment because of the earnings that can be made from leasing. Leasing commercial property can provide you with stable, regular income that will bolster your financial security. If you intend to let a property out for tenants, you will first need help from a lawyer to learn about any existing leases.
If the property has existing tenants operating on the premises, your conveyancing contract will also have to encompass their lease contracts. This can be checked through the pre-purchase report given to potential buyers prior to conveyancing. This report will contain all important, necessary information about the commercial property, including existing lease contracts.
The larger the property you purchase and the more tenants operating within its premises, the more complicated the conveyancing will be. Our conveyancing solicitors in Sydney can walk you through this complex process, and sort out these contracts for a smooth purchase.
Let Conveyancing Lawyers Handle Your Property Purchase
Handling your property purchase on your own takes up valuable time and can cause you a lot of stress. Leave this tedious process to legal experts instead! They can make all the necessary checks and prepare the required documents. Here are some of the things that our lawyers do for our client’s commercial property transactions.
- Draft commercial conveyancing contracts and commercial leases
- Negotiate with other parties regarding terms and conditions, delays, and breach of contract
- Talk to lessors and lessees of your desired commercial property
- Review existing conveyancing contracts and advise on their legal implications
- Check on tax burdens, council fees, and other dues involved in commercial property purchases
Contact Us For A Consultation
If you’re looking at a commercial property, talk to us and we can offer you advice on the potential purchase – no strings attached! No matter how large or complex the purchase is, our team of legal experts can find solutions that will help you purchase the property of your dreams.
