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Are you looking to buy a commercial property? Don’t overlook some important checks

Buying a property is never a simple process. When looking to purchase a commercial property however, there is often a lot more due diligence required on the Purchaser’s part. Speak with an experienced property lawyer.

It is important to get GST right from the start. Get the right advice from your accountant before the contract is signed.

The lease documents need to be reviewed and tenant checks are done. You may wish to carry out your own checks of the tenant to ensure they are a reputable organisation.

There is also the condition of the property. Obtaining a builders report, is there a building warrant of fitness or any outstanding Council requirements?

Of course the property will need to be right for your intended use and you will need to make all checks to ensure it is the right property for your requirements.

You also need to get the right advice about property ownership. Incorporating a Company or setting up a Family Trust are common for commercial purchases.

At Collins & May we’ve got you covered

We have extensive experience in commercial property purchases. Our specialist team of Wellington lawyers can make the entire purchase easier for you.

We will:

  • liaise with your accountant to ensure we’re on the same page! Our team will request a zero-rated GST invoice;
  • check the lease documents, making sure they are on the correct form, the term is current and all renewals are up to date;
  • give you advice regarding the ownership structure and assist with Company incorporation and the IRD number;
  • explain your bank’s financing requirements and take you through the loan documents;
  • make all necessary checks before settlement, including that rates are paid, rent is up to date, undertaking security searches and checking unit title requirements.

Let us do the checking so you don’t miss anything!

Give us a call today so you know what questions to ask and what to check before you sign an offer.

You can rely on the experts to ask the questions and guide you through the process of purchasing a commercial property.