When selling a commercial property, there is a lot of legal and administrative work to carry out. To ensure the process runs as smoothly and as efficiently as possible, it is best to ask an experienced commercial property lawyer to act on your behalf.
Selling commercial property
Commercial properties come in all shapes and sizes, including offices, warehouses, land and development sites. Because of this, no two commercial property transactions are the same.
In general, the seller of a commercial property will need to accept an offer, after which it will be necessary to agree the Heads of Terms. These are the main terms of the deal made between the seller and the buyer but are not usually legally binding.
Next a seller will need to prepare a contract package. This is particularly time consuming as a significant amount of information must be sent to the buyer, including the property title, the draft sale contract and an Energy Performance Certificate (EPC), amongst other things.
Once the buyer’s solicitors have carried out their due diligence checks, they will no doubt have a few questions to ask the seller. The seller must respond to these enquiries, and the information provided must be correct.
The next stage is to negotiate the sale contract, after which contracts can be exchanged and the buyer must provide the deposit. The title deed must also be prepared and, if applicable, a redemption figure obtained from your lender.
Finally, the transaction can be completed, the mortgage discharged and the transfer deeds (and of course, the keys) handed over to the buyer.
Commercial property solicitors
This is just a brief overview of the ins and outs of a commercial property sale. The reality is that each sale is different, and each will have its own unique complexities. This can make the sale of a commercial property extremely daunting to those without the necessary experience.
The duties on a seller are particularly onerous because the buyer will rely on any information provided, and as such it must be correct. Otherwise the seller may be accused of acting negligently, which can have profound consequences.
A solicitor can relieve the burden of a commercial property sale, handling the entire process on your behalf. This will ensure that the transaction progresses efficiently and to the required time frames, giving you complete peace of mind.