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A Property Development Lawyers’ Tips On Buying Commercial Property

Without proper legal guidance from top property development lawyers in Sydney, it is easy to run into disastrous commercial property deals.

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A Property Development Lawyers’ Tips On Buying Commercial Property

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  1. www.bizlawyers.com.au/ CALL NOW 1800 893 836

  2. Commercial properties in Australia offer excellent levels of return on investment while also providing owners with capital growth. You can enjoy higher rental yields, favourable lending conditions and many more benefits. However, to truly take advantage of a commercial property, you must invest in the right place. Below are the points you can consider to ensure you are making the right decision regarding your property investment. First, you must watch for Special Conditions in the Contract of Sale on your potential property. This contract may include clauses related to permitted usage for the place, council regulations, fittings, tax, fixtures and others. Make sure the seller is transparent about all the conditions and they meet your requirements too. Next, you must determine whether you want to buy a property with an existing tenant or lease. A lot of people choose this option because it involves fewer initial expenses, and they already have a lease covering all the rent conditions. If the rental agreement has any incentive or right of refusal clause, it can affect your buying process. Long-term tenants often get the choice of buying a property if they wish. Also, lapsed leases can create complications for your buying contract, according to property development lawyers in Sydney.

  3. One of the most important things you need to consider when buying a commercial property is tax and stamp duty calculations. You will need to register for the Goods and Services Tax. If you buy the property as a ‘Going Concern’, you can exempt the property from GST. However, it’s essential to keep in mind that the Australian Tax Office can change this condition anytime. Also, the contract may outline Capital Gain Tax, and you may need to pay government stamp duty depending on the property’s value. If you are a foreign buyer, this tax can be pretty high. Every commercial property should have Essential Safety Measures. The property owner or the outgoing tenant may have to pay this amount. So, be sure to ask your lawyer about how to navigate this situation. Remember that unauthorised structures on the property can lead to additional charges. Assess the viability of the commercial property you intend to buy. Consider conducting due diligence and checking the property’s plan, zone and body corporate record. Make sure there is no outstanding land tax on the property by conducting a land tax assessment with ATO.

  4. Without proper legal guidance from top property development lawyers in Sydney, it is easy to run into disastrous commercial property deals. Professional lawyers will not just provide you with much-needed peace of mind but help you dodge the risks of liabilities too. Hence, make an appointment with a property lawyer and clear all your doubts before making a purchase.

  5. Biz Lawyers & Advisory is a team of expert commercial and property lawyers helping clients grab the best deals across Sydney. We offer tailored solutions, free consultation and proven solutions to all your private and commercial disputes within your budget. We know how stressful conflicts can be. Thus, we prioritise making your journey as smooth as possible.

  6. Level 24, 52 Martin Place, Sydney NSW 2000 1800 893 836 info@bizlawyers.com.au https://bizlawyers.com.au

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