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. Speaking 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.