How A Conveyancer Will Help You Purchase Commercial Property
Purchasing a commercial property can be quite challenging for first-time buyers. As such, it would be advisable to hire a conveyancer to help you with the purchasing process. Below are a few ways in which a conveyancer can help you purchase commercial property.
Conveyancers have long-term relationships with real estate agents and development companies. As such, your conveyancer will assess your needs and help you find an appropriate commercial property. For instance, if you would want to invest in retail space, they will help you secure property close to a busy street and with visible frontage. Alternatively, the conveyancer could also get you a strategically located store in a busy mall.
The conveyancer will conduct a background search to identify:
- The property registration details and whether the property is under dispute.
- The previous tenant and how they used the space.
- The relationship between property management and tenants.
- Any changes in zoning regulations or the local building code that might affect your business once you purchase the property.
- The flow of business in the area. For instance, when buying space in a mall, you would want to know the daily walk-in and the age of people that use the mall.
Negotiating Lease and Sale Agreements
Once you are confident about the property, your conveyancer will contact the seller and commence sale negotiations. The professional's first task is to ensure that the property is reasonably priced. As such, they will use properties that have a lower asking price as a bargaining chip to compel the other party to reduce the asking price. The conveyancer will also:
- Compel the manager or property owner to conduct minor renovations such as repainting.
- Review the company bylaws. Some concerns include how much you will pay for the maintenance of the common property, if you are allowed to install a canopy at the front of the store and how many parking slots you will have
- Ask the seller to extend the closing date to ensure you have secured financing.
- Include a gazumping clause in the contract to ensure the seller does not accept offers from other parties before the closing date of your agreement.
Your conveyancer must be experienced in the purchase of commercial properties. Besides, they should have a professional liability insurance cover. If you would like to purchase a property, look for a professional who provides conveyancing services in the area.