The legal process of transferring ownership of any property should always be left to the experts, like bytherules Conveyancing. But did you know there are quite unique differences between buying or selling a residential property to a commercial property? You might be surprised at what you learn.
The most obvious difference is that residential conveyancing involves a home or investment property, whereas commercial conveyancing typically involves business premises, whether to operate a business from or to lease out. Commercial property could include office space, a retail space, a franchise or industrial property.
Residential conveyancing itself can be quite straightforward with generally standard procedures, disclosures and contracts. However, knowing you have a professional conveyancer to guide you through the process and respond to any individual circumstantial needs will ensure the transaction is completed professionally, on time and with ease.
Whilst there are risks in purchasing any property, there are often higher costs to consider when purchasing a commercial property, simply because it is an asset which can result in substantial profits. Think higher risk, higher reward. Being a commercial property, GST needs to be taken into consideration, along with broader economic elements, demographics, stricter finance terms, costly maintenance and repairs and more complex leases.
Depending on your specific commercial property, understandably conveyancing can take longer than a standard residential property. There can be more extensive due diligence to be undertaken and investigative work in terms of zoning, land use, leasing details etc.
We don’t want you to get caught by any surprises! bytherules Conveyancing offers over 20 years of experience in commercial property transactions. Specialising in commercial property sales and purchases, our qualified, knowledgeable team of commercial conveyancers will help make buying and selling commercial property incredibly easy.
If you’re buying or selling a residential or commercial property, follow our simple quick-reference guides to the conveyancing process:
https://www.bytherules.com.au/how-conveyancing-works/buying-a-property/
https://www.bytherules.com.au/how-conveyancing-works/selling-a-property/
Contact bytherules Conveyancing today, for conveyancing made easy.