Selling Commercial Property

Confirm zoning and planning compliance

A foundational step in preparing your property for sale is confirming its alignment with local zoning and planning regulations. Make sure to disclose any discrepancies or breaches, as they can affect the property's marketability and legal standing. Ensuring your property adheres to these regulations and transparently communicating any issues to potential buyers is a must.

Disclose lease details

For properties under commercial or retail lease, full disclosure of the lease terms is mandatory. This aids potential buyers in assessing the investment's feasibility and any ongoing obligations they would inherit. Highlighting the specifics of tenancy agreements or licenses can mitigate future disputes.

Address environmental responsibilities

Environmental due diligence is required, especially when previous activities on the property might have led to contamination. Sellers are obligated to disclose any EPA-issued clean-up notices outlining the extent of contamination and remediation. This allows buyers to plan for any additional costs or clean-up efforts.

Consider GST implications

The GST position of the property sale, whether inclusive or exclusive of GST, should be explicitly outlined in the Contract to avoid any ambiguity. Accurately conveying your GST ensures compliance and financial clarity for both parties. Engaging with a property lawyer to navigate these implications is advisable to ensure that all tax responsibilities are clearly understood and addressed.

When selling commercial property, prioritising these considerations not only streamlines the sale process but also enhances the property's appeal to informed buyers. By focusing on regulatory compliance, lease clarity, environmental responsibility, and financial transparency, sellers can facilitate smoother transactions and achieve the best outcomes.