When considering purchasing commercial property, if you are not a seasoned investor there are many ‘watch outs’ where amateurs can become unstuck.
Commercial conveyancing is in many ways the same as residential, it is the three stages before, contract, before completion and after completion that a conveyancing solicitor provides advice, prepares documentation and conducts settlement processes.
Whether you are looking for office space, warehouse, retail, vacant land, factory units or warehousing, you need the right legal advice provided by experts who understand the nuances of commercial property buying.
There are a series of risks in commercial properties that must be managed outside that of residential properties that could make the difference between ‘boom or bust’ for your investment. Keeping these risks in mind is essential if you want to ensure ROI and a sound investment for your future.
Here’s a few things to consider for commercial property buyers:
Is your building sound?
With the increasing cases of due diligence, building & pest, fire safety and asbestos issues being found in and around Victorian buildings, not to mention the odd heritage-listed building that is bring ‘indiscriminately knocked down’, there are many watch outs to ensure that your building is ‘sound’ or ‘fit for purpose’. A commercial conveyancing specialist can assist in reviewing external expert reports, looking for potential issues that may be, have been or may be present in the future of the building.
Is your seller sound?
In some instances, there have been buildings sold by people who have either no right to sell the building legally, making the contract null and void. A competent commercial conveyancing expert can protect you from fraudulent, criminal elements and ensure all of your commercial property dealings are above board and the legalities are sound before you sign on the dotted line.
Are you going to get paid?
Your commercial conveyancing specialist will ensure that you only pay for buildings or property when the valid transfer and exchange has taken place. There is nothing worse than waking up with your deposit taken and your sale not valid and commercial property lawyers ensure all elements of the sale are sound before the investment changes hands.
The key consideration when you are tossing up getting professional legal support for your investment is not whether you can afford to engage a lawyer, but rather can you afford not to have a commercial conveyancing specialist? To get the best advice and comprehensive commercial law support from local experts, speak with McClure Law today and experience the difference.