Selling a commercial property isn't a simple hand-off. When you have tenants in the building, things get a bit more involved. You aren't just selling a physical space; you are selling a lease and a rental income stream. Getting a handle on commercial conveyancing in Sydney is the first step to making sure your tenants don't become a hurdle in your sale.
Sorting the Lease Documents
Before your property hits the market, Paul Denny Conveyancing looks at your existing agreements. We look at the "prescribed documents" required by law. This includes the lease itself and any variations you might have made. Buyers are picky. They want to see the expiry dates and what happens with the GST on the rent.
We check these details so you don't have to worry about legal slips later. We even check for land tax issues that might affect the sale price. It’s all about being prepared before the hammer falls at an auction.
Commercial Conveyancing in Sydney and Rental Adjustments
A big part of the job involves the managing agent. We get in touch with them early on. We need to know if the rent is up to date and if there are any arrears. Our team calculates the "pro-rata" rent when the settlement date arrives.
This means we split the monthly rent between you and the buyer based on the day they take over. Dealing with commercial conveyancing in Sydney means making sure these figures are spot on so no one loses out. Our team keeps the agent in the loop during the whole process.
Moving the Security
The bond is the safety net of the tenant. Therefore, it needs to move to the new owner. Here is what you should know.
• We confirm the exact bond amount currently held by the authorities.
• We prepare the specific transfer forms to change the ownership details.
• Our team makes sure any bank guarantees are replaced or transferred correctly.
• We verify that all rental adjustments match the final settlement statement.
Getting Ready for Settlement
Our team prepares the final settlement statements as we approach the finish line. This document shows every transaction. We check for land tax liabilities and any outstanding council rates. Our company makes sure the buyer's lawyer has everything they need regarding the tenants before you finish selling property in NSW.