Are you considering selling or buying a commercial property? Whether you’ve received an enticing offer or are looking at an investment opportunity, commercial property can be a significant part of your investment portfolio and the process of selling can be quite complex. An experienced lawyer can assist you with the preparation, negotiation, and sale process. Our team has listed some starting points to consider if you are thinking about selling or buying a commercial property.
Understand Capital Gains Tax & other financial impacts
Australia’s capital gains tax is tax on the profits of you selling your commercial property. There are a number of financial components that can impact the process and final result. There may also be GST payable from the sale proceeds, depending on the nature of the transaction. It is recommended that you seek advice from your accountant prior to entering into any Contract to ensure the terms are favourable and taxation matters are considered.
Tenancies and lease agreements
Leases in place will have to be reviewed and considered. Discussions may have to be had with tenants in regards to exercising their options (if applicable) or entering into new leases if they are holding over.
Engage relevant parties & advisors
It is crucial to engage with and discuss the process with all parties including your legal advisor, accountant, financier, and any investment partners. They can also assist you in preparing any relevant documentation.
For advice from an experienced commercial property solicitor, contact the team at Marino Lawyers on 07 4081 6700 to discuss how we can assist you with the process of selling or buying your commercial property.