Role Of Property Conveyancers In Buying Commercial Property

role of property conveyancers in buying commercial property

When you’re buying commercial property in Melbourne, you’ll find there’s a lot of paperwork, and administrative processes involved. Handling all of it can get stressful, but not if you reach out to one of the reliable property conveyancers in Melbourne to guide you.

The process of conveyancing typically has three stages: pre-contract, pre-completion, and post-completion. Each stage has appropriate paperwork. A conveyancer will take care of this and more for you.

Before your purchase is complete, you’ll have to check off a long list of to-dos. Have you gone through the contract and looked minutely at the special conditions? If you’re buying, have you examined the property? Did you check the vendor’s statement? If you’re getting a loan for the purchase, you’ll have to provide details about the land title. Do you have the information the lenders need? There’s registration, notifying the council, and so on on the cards as well.

Complex as the process is, it is best to hand over the legal procedures to a conveyancer. They’ll take care of all the due diligence for you and save you the hassle.

As is probably evident by now, a property conveyancer is a professional licensed to provide information and advice on the buying and selling of property.

What are the things a conveyancer can do for you? Let’s find out.

Simplifying Things For You

First and foremost, the conveyancer is going to make things easier for you. They will do all the hard work of parsing through the obscure legal jargon and explain the meat of the matter to you. That’s what property lawyers in Melbourne are trained to do. They have years of experience dealing with situations like yours. They know what the rules are. They know what they need to do to make the purchase process smooth for you.

Identifying The Right Property

When you’re purchasing property as an investment or for your business premises, you want to find something that fits your needs. A conveyancer will help you figure out whether the location, fit, size, and zoning rules meet your needs.

Conveyancers may also help with financing. They may review the market and home in on the right option for you.

Commercial Property Pre-Purchasing

You should buy commercial property with caution. If you do it yourself, at every turn keep the phrase “buyer beware” or “emptor” in mind. You’ll need to consider things like the types of businesses the property can house. Is there a lease involved? What are the lease terms? What is the tax perspective? What is the GST treatment on purchase? Are there any red flags that you’re missing?

If all this sounds like too much to handle, you don’t have to worry. A conveyancer is there to do the research for you. Hiring one can give you the confidence to put pen to paper and sign the contract after all the due diligence is complete.

Administrative Chores

There are plenty of administrative tasks you’ll have to complete in the process of buying property. This means applying for certificates, notifying the State Registry Office about the acquisition of land, and notifying the water authorities and local council. You’ll have to lodge the documents for registration and pay stamp duties. A seller’s conveyancer will create a vendor’s statement. They’ll also prepare the special clauses to be entered into the contract. You’ll also need to prepare a statutory declaration about chattel value. This is stuff you don’t want to bother about, just leave it to the professionals. 

Reviewing The Title And Contracts For The Purchase

You’ll also need to look closely at the title for the purchase and make sure it’s valid. The real estate conveyancer is trained to understand the jargon of the conveyance deed and explain it to you. They can also review a conveyance deed, considering all relevant factors: is the property subject to mortgage? Is it a leasehold property? Is it a freehold property? These are things, if not properly researched, can come back to bite you later.

Helping With Ownership Structures And Commercial Leases

Are you investing in a commercial property? Have you decided how to approach the purchase? You can buy commercial property through various entities. Which one is right for you – individuals in partnership, a company, a self-managed super fund, or a discretionary trust? Depending on your choice, you’ll incur a different tax burden and enjoy different tax benefits. A conveyancer can help you with your financial planning as well.

They can also guide you through the process of drawing up a commercial lease. You’ll have to rely on lawyers to take you through the variations and scope for negotiations in commercial lease terms.

Bringing Experience

You’ll have a lot of questions if you’re buying property as an investment. An experienced conveyancer will be able to answer them satisfactorily for you. The best conveyancers keep abreast of the latest rules and regulations. They have years of experience handling sales and purchases, and you’ll benefit from their knowledge. Navigating the administrative process of conveyancing becomes easier with a specialist lawyer.

Other Areas Of Support

Besides helping out with the paperwork and process of buying property, a conveyancer can also advise you through the process of subdividing land. If you want to do more with the commercial land you own, you’ll have to go through an arduous and stringent approval process. There are also some high costs involved.

Hiring a professional will take a lot of the guesswork and stress out of the process. They can also assist with easement-related and title-updation processes.

Keeping Your Interests In Mind

The conveyancer will have your interests in mind. They’ll also be equipped to help you, possibly more than you’ll be able to help yourself.

When you work closely with your commercial finance lawyer and build a relationship, they’ll be working in your best interests.

The Bottomline

So you’ve decided to invest in commercial property? Or maybe you’re decided to stop renting your office and actually buy a business property to save costs.

The law doesn’t require you to hire a conveyancer in Victoria. But doing so will certainly benefit you. Doing so is highly recommended for the purchase of a commercial property. The earlier you do it, the more informed you’ll be through the process of purchase. If you’re well prepared with all the necessary documents in advance, things will go smoothly when it’s time for the transaction. You’ll also avoid potential legal problems and save on legal costs.

Only when the property deed transfer has been carried out correctly can you feel confident that the purchase is complete. Your chosen conveyancer will manage the transfer process whether it’s with the seller or the seller’s bank. Only when this process is complete can you be sure as a buyer that no one will challenge your right of ownership in the future.

If you’ve decided to get professional help, look for an experienced conveyancer who is easy to work with. You want them to understand your needs and help you avoid potential problems along the way. It helps to find someone who is friendly and happy to work with you. You want to ensure there’s clear communication between you throughout the process.