Selling a Commercial Property

When it comes to commercial property purchases, there are a few searches that we strongly recommend you do, including a title search and plan image (to check you are buying the right property); contaminated land search; main roads search (to check your property isn’t going to be taken due to expanding roads anytime soon); building notices search; certificate of classification search (to ensure the property is being used in line with its classification) and land tax. Then there is the rates and water searches, body corporate searches (if the property is located in a body corporate) and the cost of these will depend mostly on the area you’re purchasing in the charges differ from Council to Council. So, on average, searches cost around the $1,000 mark.

Ring us! If you have received a Contract that is in draft form, we strongly suggest that you give your solicitor a call and let them review it before you sign. Ensuring that you have a legal professional take a look at the Contract can ensure that any issues or potential concerns are raised at the start, and amendments can be proposed as soon as possible. Having your commercial Contract reviewed saves you both time and money in the short and long term, and, stops many disputes before they even arise – it also ensures that your interests are protected from the beginning, which is one of our main goals.

We’ll need a copy of your identification i.e. Driver’s License and Passport if possible, plus your address, email and phone number, to set up our electronic file. Once the draft Contract is provided to us, we’ll review it and also do some preliminary searches to see what may need to go into the Contract and that you are buying the correct property!

No, we can manage the entire transaction working with you via telephone, email and teleconference/webcam if you would like to have a face-to-face meeting. This saves you time, and also saves money not having to pay for inner city parking. You can just post any original documents to Level 54, 111 Eagle Street, Brisbane QLD 4000, email us at admin@virtuallegal.com.au or call on 1300 550 150.

Absolutely. Virtual Legal take great pride in the extensive legal due diligence process that we offer our commercial property clients, making certain that they are comfortable and informed regarding the commercial property they are purchasing. We offer an extensive Legal Due Diligence Report which covers everything from flood search reviews to tenant details to building records searches and much more, while offering comprehensive search results across every point that is specific to your transaction.

We do – we offer lease reviews for every commercial transaction that we undertake, to ensure that you are entering into a proper lease as a Landlord – whether it be your first or 50th time. From ensuring that the Lease is in the right form, to checking the terms offer you protection, to advising whether the lease should be registered, we offer an extensive lease review process to every client we assist.

This is a tricky question – it can depend on so many factors! A standard commercial transaction usually lasts around 60 days, however there can be multiple parties involved, such as financiers, which can affect settlement timeframes. We will always try and get a matter settled for you as soon as possible though.