Sale of commercial property

The sale of a commercial premises proceeds in a not dissimilar fashion to the sale of any property, be it agricultural, residential or commercial. The onus is on the seller to provide satisfactory title to the property and to make representations and disclosures to a buyer on which the buyer is entitled to rely.

As solicitors, we would ensure that the title is satisfactory and marketable and that any charges or restrictions on title can be discharged out of the sale proceeds. There may be capital gains tax, corporation tax and VAT implications on the sale of the property and at Linder Myers we tend to work closely with the seller's accountant and financial adviser in this respect. Sellers may be under an obligation to provide an Energy Performance Certificate, an Asbestos / Fire Risk Assessment and we can assist with the sourcing of the appropriate report providers.

It may be that the sale of the premises is the sale of the overall business and it is imperative that the appropriate warranties relating to the state or condition of the premises are carefully considered. Where any equipment or fixtures are attached to the property, it is incumbent on the seller to ensure that any financial obligations are disclosed.