Buying and selling commercial property
Buying and selling commercial property in Australia involves careful consideration of many legal and regulatory aspects to ensure legal compliance and make sure the deal goes smoothly. Whether the property is a factory, warehouse, office, hotel, café, tourism facility or other business premises, you need an experienced commercial property lawyer to navigate the complexity.
Of prime importance is the integrity of the contract of sale. If the sale contract contains errors or ambiguities – for example, related to the property description, inclusions, easements, encumbrances, zoning laws or land use restrictions – this can cause disputes or delays, or even derail the transaction and lead to legal action.
Careful drafting and meticulous contract review can identify such hazards before they lead to unfortunate consequences.
The commercial property lawyers at Stacks are skilled and experienced in drafting and reviewing contracts of sale, ensuring that they accurately reflect the terms and conditions of the transaction and the responsibilities of both parties.
If you are buying commercial property, we will conduct thorough due diligence to ensure nothing is missed and there are no nasty surprises for you down the track.
Buying and selling commercial property in NSW
In New South Wales, specific local laws and regulations add another layer of complexity to the legal framework for property transactions.
For example, NSW has strict environmental protection laws, which may mean that it is necessary to conduct an environmental site assessment to identify potential contamination or any ecological constraints.
In the sale of commercial property with retail tenants in NSW, there are additional considerations under the Retail Leases Act 1994 which need to be addressed.
If a commercial building containing office space is being sold in NSW, the seller must provide a Building Energy Efficiency Certificate (BEEC) which needs to be obtained from the Department of the Environment and Energy before putting the property on the market.
Each council in NSW has its own regulations affecting commercial properties, including development approvals and local taxes and charges.
The heritage laws in NSW also need to be considered. If a commercial property is on a heritage register, there could be restrictions on permitted alterations and further development of the property.
Our lawyers can advise on any aspect of commercial property transactions
- Drafting and review of contracts of sale
- Negotiation of contract terms
- Due diligence, including property title, council zoning and permitted land use
- Review of loan agreements
- Impact of GST on purchase price
- Stamp duty advice
- Transfer or renegotiation of leases of tenanted commercial properties
- Advice on local council regulations
- Advice on insurance coverage, including property insurance and public liability insurance
- Disclosure obligations for commercial property sellers
- Applications for necessary permits and approvals for property development
Need advice about buying or selling commercial property?Call us today
