Buying a commercial property
Buying a commercial or industrial property involves a significant capital outlay and should not be entered into lightly or without independent advice.
Once a sale has gone unconditional, you will be required to pay a non-refundable deposit with the balance of the purchase price to be paid on the agreed settlement date. If you do not settle then your deposit will generally be lost and the vendor may take legal action to enforce settlement or put the property up for sale again.
Bayleys prepares comprehensive Information Memorandums on most properties it markets in conjunction with vendors. Their purpose is to provide prospective purchasers with as much relevant information as possible to assist them in their decision-making process.
The Information Memorandum is likely to include the following:
Description of the property and any buildings, including the seismic rating of buildings where available (most potential purchasers will ask for this)
Location and its attributes
Tenant details, history and descriptions
Zoning and add value and development opportunities the property may provide
Appendices including certificates of titles, leases and other relevant legal documentation
However, in all situations, interested parties should conduct their own verification of property information and undertake investigation and analysis of the property.
Legal advice should always be sought and where appropriate input obtained from trusted professional advisers, such as your accountant, before entering into any property contract or agreement.