Conveyancing is the process of transferring ownership of real estate from one party to another. It involves a series of legal and administrative steps to ensure a smooth and valid transfer of property rights. Conveyancing for commercial properties is generally more complex and time consuming than residential conveyancing. These sales and purchases also involve a higher level of risk. It is therefore important to have an experienced conveyancer who can take care of all the technicalities. That’s where Taylor Rose comes in.
Taylor Rose is a modern and innovative law firm with a team of talented and dedicated conveyancers who can handle all your commercial conveyancing needs. We assist both vendors and purchasers and cater to all types of property investors and managers. Whether you are dealing with commercial property for the first time or are an experienced player, we can ensure that you achieve a timely settlement with no unexpected costs.
Taylor Rose handles both commercial and residential conveyancing and can provide conveyancing services either electronically or face to face. We offer affordable and competitive commercial conveyancing fees.
Out team has experience and expertise in providing the following commercial conveyancing services:
Each state and territory of Australia has its own conveyancing laws, so it is important to use a commercial conveyancer who knows the jurisdiction that the property is located in.
At Taylor Rose, we have dedicated and talented conveyancing specialists in every capital city of Australia, meaning that when you choose us for your conveyancing, we can match you with a specialist in your local area.
There are a number of phases involved in commercial conveyancing.
The process generally begins when a commercial property owner decides to sell. They may engage a real estate agent to list the property and find potential buyers.
The seller’s conveyancer or solicitor prepares a Contract of Sale, including details about the property, sale price, terms of the sale, and any special conditions. The contract is then provided to potential buyers.
Once a buyer is interested in the commercial property, they make an offer, usually through a real estate agent or solicitor. The seller may accept the offer, reject the offer, or make a counter offer. In contract law, this is known as ‘offer and acceptance’.
If the parties agree on terms, the contract is signed, and the signed version exchanged. The buyer pays a deposit, which is usually around 10% of the purchase price. This amount is held in trust.
The buyer should then conduct property inspections and searches to ensure there are no hidden issues, such as encumbrances, easements, zoning restrictions, or outstanding debts on the property. This is known as due diligence. It is particularly important that thorough investigations be conducted when dealing with commercial property to ensure there are no impediments to the transfer of title.
If the buyer is using finance, they should secure finance for the purchase after the due diligence phase is complete.
The buyer’s conveyancer then prepares the necessary documents for the transfer of ownership.
A settlement statement is then prepared by the buyer’s representative, detailing any final adjustments to the purchase price, such as taxes, rates, and other charges.
The buyer then pays the required stamp duty and GST.
On the agreed settlement date, the buyer’s representative pays the balance of the purchase price to the seller’s representative. The title and ownership documents are exchanged, and the buyer becomes the legal owner of the property.
After settlement, the buyer’s conveyancer lodges the necessary documents with the relevant land titles office to officially transfer ownership of the property.
The buyer’s representative notifies local authorities, utilities, and relevant entities about the change in ownership for billing and administrative purposes.
If you are buying or selling commercial property, it is essential to have sound legal advice to ensure that the transfer proceeds smoothly and to achieve a timely settlement.
Contact Taylor Rose today to talk about your commercial conveyancing needs.