What's happening?
Purchasing commercial property, whether for your own business or as an investment, involves reviewing the contract, understanding any existing tenancy and confirming the property suits its intended use. The due diligence needed will depend heavily on how you plan to use the property.
What could it mean for me?
- Zoning restrictions can limit how the property may be used
- Existing tenants come with the property unless the lease ends beforehand
- GST and finance structuring can affect the overall cost of the purchase
- Building condition may need specialist assessment before committing
What are my options?
- Confirm intended use is permitted under current zoning
- Review any existing lease if the property is tenanted
- Arrange appropriate building or compliance inspections
What happens next?
- Review the contract and disclosure documents
- Carry out due diligence relevant to your intended use
- Negotiate terms and exchange contracts
- Coordinate finance
- Attend settlement
How can MGE Lawyers help?
We help commercial buyers understand contract terms and the practical implications of taking on a property, whether owner-occupied or tenanted.