Buying a commercial property, such as an office building, restaurant or warehouse, involves complex contracts. It is imperative you get an experienced property lawyer in Geelong to review your commercial contracts to ensure your interests are protected before you sign. Read on to learn three important factors to consider when entering into a commercial contract deal.
1/ Contract of sale
Every commercial property transaction is unique. As part of the sale contract, detailed special conditions are often included which relate to that specific property. These special conditions should be reviewed and explained to you by our experienced commercial property lawyers to ensure your interests are protected. Engaging a property lawyer to review your contract will ensure a smooth and worry-free property transaction. A property lawyer will explain the terms and conditions of the sale, undertake legal due diligence for the sale on your behalf, negotiate amendments (where necessary) and advise you on the best business structure for your transaction.
2/ Taxation
Quite often, a commercial property sale in Victoria will attract GST (Goods and Services Tax). It is crucial to seek professional advice on the GST implications of your commercial property transaction. If GST is payable, it may affect the amount required to be paid at settlement and impact the stamp duty on the transaction.
3/ Existing leases
When purchasing a commercial property subject to existing tenancies, you should have the lease reviewed to understand your rights and obligations as the landlord under the Retail Leases Act 2003. In addition, if you are looking to redevelop the property, it is essential you understand the terms of the lease as they may impact the commercial viability of the property.
Geelong’s Property lawyers & conveyancing team
Entering a commercial property purchase can be daunting which is why WJM has an experienced team of property lawyers and conveyancing clerks to assist you. Commercial property transactions are complex and often involve special conditions. To ensure your interests are protected have an experienced property lawyer in Geelong like WJM review the contract before you sign on the dotted line. Furthermore, if you are dealing with existing leases, property development or looking to sub-divide the commercial land you are purchasing it is imperative you make sure a property lawyer has confirmed the legal viability of your plan. Contact one of Geelong’s property lawyers, Whyte, Just & Moore for experienced legal advice on commercial property transactions.
