What's happening?
Selling a commercial property involves preparing a contract that reflects the property's current use, any existing tenancies and the GST treatment agreed between the parties. Buyers will typically expect more detailed disclosure than in a residential sale, particularly around income and outgoings if the property is tenanted.
What could it mean for me?
- Existing leases affect what a buyer is taking on and should be clearly disclosed
- GST treatment needs to be addressed correctly in the contract
- Outstanding compliance or building issues may need to be disclosed
- Settlement timing may need to align with lease arrangements
What are my options?
- Prepare disclosure of any current tenancy and outgoings
- Confirm GST treatment with your accountant before listing
- Address any known compliance issues ahead of sale
What happens next?
- Provide property, title and tenancy details
- Contract is prepared for prospective buyers
- Negotiate and finalise terms
- Exchange contracts
- Proceed to settlement
How can MGE Lawyers help?
We prepare commercial sale contracts and manage the process with attention to tenancy, GST and disclosure requirements relevant to your property.