Buying business property
Buying commercial property: using a solicitor
Buying commercial property is often a significant investment for your business. It is important you take the time to make the right decision and seek professional legal advice when doing so. Choose a solicitor who specialises in commercial property law. They will help you understand exactly what is in the purchasing contract and what your responsibilities will be if you sign it.
You will need to pay a fee for using the services of a solicitor for commercial property legal advice so be sure to get an estimate from the solicitor from the outset so that you can factor this cost in to your overall project budget.
Buying business property: solicitor duties
A good solicitor will:
- make sure the seller has a good title to pass on to you - in other words, that everything about the ownership of the property is in order and that you can use the property for business purposes
- negotiate and obtain the best contract terms for you
- help you understand any contractual terms and agreements
- deal with any legal enquiries with the seller's solicitors
- carry out land searches to check if there are any problems with the property
- arrange a survey to be carried out on the property, if required
- satisfy your bankers or other lenders that the property is a good investment
- help you to complete your purchase as quickly as possible