Getting Facts Right On Commercial Conveyancing

When you are buying or selling a commercial property, it is important to understand the legal processes that you need to undertake, regardless of whether you are using a solicitor or you are doing it yourself. It is recommended that you seek a commercial conveyancing agent to do it on your behalf; otherwise, if you can’t afford to hire one, it is important that you get all the facts right from an experienced professional. This will go a long way in making sure that you don’t face any financial loss or legal suits in the event or after purchasing the property.

Commercial conveyancing involves legal transfer of commercial properties from the seller to the buyer. The process involves review of sale contracts or lease agreements, property searches on relevant authorities, property title transfer, arrangement and attendance of settlement and verification of GST, revenue laws, stamp duties, water and land rates as well as other tax rates that the property may be subjected to or exempted from.

Pay attention to timely taxes
Property conveyancing involves complex legal processes which require careful reviewing to avoid conflict later on. If commercial conveyancing is not done as it is supposed, there may be problems regarding the handling of the property as stipulated by various authorities such as the revenue and local authority or the commercial transactions. One of the most common concerns of commercial properties is tax laws. Laws regarding taxation especially on fixed commercial properties keep changing, and if the issue is not handled as required by the law, it can lead to financial loss; either because the owner is overpaying the rates or he has been fined for underpaying.

Preparing conveyancing
Another cause of crisis on commercial conveyancing is misunderstanding of terms and conditions during the transfer of the property. If you are buying a property, make sure that the solicitor has explained to you all the terms and conditions therein to avoid misunderstanding later. Make negotiations on terms that are not agreed upon, discuss the property report, settlement contract and mortgage issues and any other relevant document.

If you are selling the property, prepare the contracts and certificates, submit the contract and certificates to the solicitor or any authorities that may require it, discuss and negotiate with the buyer, organize settlement and proceed to settle the property. Although it is possible to do conveyancing on your own, it’s good if you hire an expert.