Since 1988

← Back to Blogs

What To Know About Buying Commercial Property

Buying property can be a complex process; especially when it comes to commercial property for either business or investment. Engaging the services of a qualified commercial solicitor in Cairns can ease the burden of confusing paperwork and assist you with the complex process involved in the purchase of commercial property. Unlike residential contracts, contracts for commercial property do not have a statutory cooling off period that applies, therefore it is imperative that you receive experienced solicitor advice prior to signing a legally binding contract.

Commercial Conveyancing Contracts

An experienced commercial solicitor can provide professional advice throughout the process to ensure your best interests are being taken care of. The REIQ Commercial Land and Buildings Contract is a standard contract that is commonly used for commercial, industrial, farming and retail sales. Each property sale is unique so the application of a standard commercial contract is not practical; this is where a commercial solicitor can assist with completing searches, and changing, removing or inserting clauses and conditions to suit the property sale. It is important that you are satisfied with the conditions of the contract before signing, as any disputes between parties after the contract is signed are governed by the conditions contained in the contract.

Purchase in the correct name

Your accountant may also advise you on what name/entity to purchase a property in. It is preferable that this is determined prior to signing a contract as any changes after this may not be possible if the seller does not agree, or may incur additional fees. Your solicitor can ensure that the contract is written in the correct name, and that all details align with your interests to avoid future issues. If the commercial property you are purchasing has existing tenants, your solicitor can also advise you on the details of the tenancy agreements.

Get the best Commercial Conveyancing advice in Cairns.

It is important to seek advice from an experienced solicitor in Cairns throughout your commercial property search so that you receive the best advice at every step of your purchase journey.

Contact the experienced team at Marino Lawyers today to discuss how we can help you.