Buying or selling property is a complicated affair that involves a lot of paperwork, multiple stakeholders and complex legal issues. The process requires the attention of professionals who specialise in handling property conveyancing melbourne. They can guide you through the entire process from start to finish, making it as smooth and hassle-free as possible. Residential and commercial property conveyancing are two different kinds of real estate transactions. The former involves transferring properties that are intended to be used as dwellings, while the latter deals with commercial properties like offices, warehouses and industrial units. Read more haitchconvey.com.au
Commercial Property Contracts: Melbourne Conveyancing Best Practices
Unlike residential conveyancing, commercial property conveyancing also takes into account various issues relating to leases. The terms of a commercial lease agreement are generally worked out between the parties during the negotiation process. This makes it crucial for the new purchaser to conduct due diligence on the existing lease to make sure that it is fit for purpose. The due diligence process for commercial lease agreements may include a variety of matters, such as options, rent increases, and ongoing expenses.
Another issue to consider in commercial property conveyancing is GST. Depending on the circumstances it may be required to be added onto the purchase price of the property. It can be a significant sum that is often overlooked or underestimated. The right conveyancing team will be able to identify these issues and ensure that any Contracts or Vendor Statements contain the appropriate special conditions that address them.