Conveyancing is typically understood as the legal process involved in transferring a property title from a seller to a buyer. In practice, it is much more complicated than this simple statement, but the end result should be that the buyer, on settlement, has a clear, legal title to the property just purchased.
In residential property transfers there can be bumps along the way to a smooth settlement, so it is understandable that commercial property transfers can quickly become complex, given all the variables involved. For this reason it is essential to have commercial conveyancing done by legal professionals to ensure a problem-free transfer of title. GM Law have been providing this service to their clients since 1994 and their long standing staff members are well trained and experienced.
Seek Legal Advice Before Signing Anything
To get the best possible outcome, it is advisable for anyone considering either selling or buying a commercial property to seek legal advice before entering negotiations, and especially before signing any contractual documents. The overriding document in conveyancing situations is the contract of sale, and it is here that the rights and obligations of both seller and buyer must be clearly stated.
There is a number of crucial issues that need to be considered in drafting the contract that may or may not have been brought to notice by the real estate representative. Commercial property transactions usually involve third parties, for example, suburban shopping centres have retail businesses with leases or there could be a body corporate operating on the property. The terms of these legal arrangements may be in direct contrast to the purpose the buyer has for the property.
Due Diligence Period Recommended
Certain questions need to be answered before proceeding, and astute conveyancing professional staff would ask for evidence that the seller had complied with all state and federal legislation relevant to the building, for example, asbestos and environmental issues. If there had been no discussion about due diligence in any of the pre-contract negotiations, they may recommend that a due diligence period be negotiated to allow both parties to undertake any relevant investigations.
These are just a couple of the issues that should be raised and resolved before any contract is drafted. There are many more, and a lot of them are unforeseen by the unwary until a problem arises that jeopardises the settlement. It is then much more difficult, time consuming and expensive to get a resolution that allows the settlement to continue.
These types of stressful situations can be completely avoided if the parties to any commercial contract of sale seek the help of legal professionals. Further information is available at www.gmlaw.com.au including a live chat facility.