I’m thinking of buying a property and I’m not sure at the moment whether this is going to be an investment or a commercial property. Are the legals the same as buying a house to live in?
Buying a commercial or investment property is a major financial commitment.
The conveyancing in regard to commercial or investment is similar to that for a home, but with more steps, Barwick Boitano Lawyers can help you through the process and guide you with any legal’s that may occur along the way.
If you are buying a residential property for investment, you need to check out the rental history. If it is a strata unit, checking the Strata Corporation records and minutes will often let you know, if there is a history of disputes or problems with the building. It often saves time and money if this is done earlier rather than later.
Buying a tenanted property produces extra considerations. Council approval of the current use should be checked, and the lease examined to make sure the terms are both acceptable to you, and as represented.
Rental payment records should be checked, and the bond situation reviewed.
Retail properties are subject to special legislation, which basically is designed to protect tenants, so careful checks need to be made to make sure that the documentary and procedural requirements of the legislation have been met.
If you are buying a commercial or industrial property for your own use, you need to have the structure checked out. If you are planning to do any alterations to the property you need to check with the local council as to whether these may cause problems or delays. Most important of all, if you are planning to use the property for something other than the existing use of purpose, you may need development approval from the council for your proposed use. Beware as this process can take time, and in such a situation, you may be able to enter into a contract that is conditional upon any necessary approvals being received.
Through our years of experience, many of our clients often are surprised at the actual outgoings, including land tax and insurance premiums!
All of these surprises can be alleviated, if you engage in a lawyer that is familiar with the buying of investment or commercial properties. What may seem like a bargain at the time may often turn into a money pit!
Barwick Boitano Lawyers have been servicing the area of Parramatta and Western Suburbs for over 25 years and have extensive knowledge in all areas of Real Estate, Conveyancing, Residential, Investment and Commercial Properties.
If you are thinking of purchasing your next property give us a call for expert advice that can save you thousands.
Call Barwick Boitano Lawyers today on 9630 0444 or email your enquiry on
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