Buying Commercial And Industrial Property
Things to consider when purchasing any property include:
- check contract;
- get legal advice;
- do your homework;
- document all promises and commitments in writing;
- measure land;
- chattels & fixtures;
- renovations, extensions & recent building work;
- rates & taxes;
- government charges;
- connection of services;
- zoning & town planning;
- foreign investor;
- auction; and
- cooling off.
Also Consider When Buying Commercial and Industrial:
- ZONING & PLANNING: Check the zoning of the property to ensure commercial and industrial sites are permitted in the area and the use to which they can be put. Contact the local Council to check whether there are any breaches of the zoning and planning provisions.
- LEASE: Is the property subject to a lease or another form of tenancy or licence? The terms of the lease should be carefully checked to ensure they do not conflict with your intended use.
- CONTAMINATION: The relevant enquiries should be made with the Environmental Protection Authority (EPA).
- BUILDING STRUCTURE: As there is no specific statutory warranty, you should have the structure checked for any defects.
- GST: Consider your GST position. Is the property being sold inclusive or exclusive of GST. Make sure the Contract clearly addresses your GST position.
NOTE: This is information of a general nature only and cannot be relied upon as all encompassing. You must seek legal advice specific to your purchase and never commit to an agreement unless you have obtained that legal advice. Contact us for further information.