Commercial

Once you have agreed to purchase a commercial property, you will be required to obtain a number of documents:

• Property title
• Zoning certificate
• Building certificate of compliance (should you require or instruct)
• Pest control report (should you require or instruct)
• Building inspection report (should you require or instruct)
• Survey identification report (should you require or instruct)

We will also perform the following searches:

• Local Authority & Water Authority
• Main roads
• Land tax
• Zoning

And any other Certificate from a statutory authority depending on your particular use or intended use or development of the land or depending on the location of the subject property, subject to your instructions to do so and our advices to you in respect o such certificate(s) and enquiries.

We will check the Contract for Sale of Land (which is the relevant contractual document) between you and the vendor including the examination of the prescribed disclosure documents and the general and special conditions of the Contract:

• The special terms and conditions relating to the purchase including any warranties or disclosures made by the Vendor/Seller or affectations affecting the Property or the structure on the Property
• Negotiation of special terms as may be required by you (such as a reduced deposit or a longer or shorter settlement period/Completion Date).
• Liaise with your financier in respect to the finance which may be required for you to complete the purchase of the property
• If there is a lease affecting the property then a perusal and examination of the lease terms and associated documents
• A full description of the property being purchased, including address and land size
• The purchase price and any other financial agreements between you and the vendor prior to settlement
• Date for transfer of title from the vendor to you
• Indemnity Clause: The vendor agrees that any outstanding charges against the property or loan amounts are paid in full prior to settlement

Once the Contract of Purchase is signed by the vendor and you (Exchange of Contracts), stamp duty can be calculated and paid – so that Title of the property can be registered in your name at the Land Registry following settlement.
Commercial property may also attract Capital Gains tax (CGT) and Goods & Services Tax (GST) implications which should also be discussed with your financial advisers, tax agents and accountants before you enter into legally binding relations.

It is also important that you carefully consider and select the right structure, shareholding and vehicle in which you purchase the Property as there are tax implications and estate and asset planning issues which may follow by the way of consequence.