The sheer number and complexity of documents required for any commercial property transaction in Australia can be overwhelming. However, they are the perfect opportunity to engage the services of experienced commercial property law solicitors like those at Coleman Greig. Some of the primary documents required include:
The most critical document surrounding any commercial property transaction, the contract of sale meticulously outlines the exact terms and conditions, including purchase price, agreed deposit, and the date when final settlement will be completed.
Each commercial property must have a certificate of title and other documents relating to its ownership history. A title search will be performed to confirm ownership and highlight encumbrances (claims or restrictions imposed by outside parties, including mortgages, easements, liens, restrictive covenants, existing leases, and zoning/planning restrictions.)
- Zoning and planning certificates
These state the property’s zoning classification and highlight any planning approvals or restrictions that must be adhered to.
- Building and pest inspection reports
Independent evaluations highlighting defects, structural issues, or pest infestations.
- Environmental assessments
Official inspections identify any issues with contamination or other hazards.
- Existing lease agreements
Properties still subject to a lease agreement require copies and details of any legal arrangements with the tenants.
These include records of rent payments, operating expenses, and any other financial information relevant to the property’s income and expenses.
Official surveys accurately establish the property’s physical characteristics, boundaries, and any encroachment issues.
Insurance for the property must be provided that details any prior incidents or claims.
- Legal compliance documents
These include, but may not be limited to, building code compliance certificates, fire safety provisions, and others
All commercial property sellers must disclose details of known property issues or defects.
Outlining the final settlement, including any adjustments for taxes, rates, and other costs.
As you can see, the list is exhaustive, and any missing documentation can seriously hamper progress in commercial property transactions. Having a commercial and property law expert from Coleman Greig to provide assistance, advice, and guidance is priceless.