The Process Of Selling A Commercial Property

When selling your commercial property, you may think the work is over when you have found your buyer. However, that is not the case. When it comes to selling the commercial property, the process has only just begun. This is why you need a professional commercial property solicitor that can help you through the process of selling your commercial property.

The key to selling your property is to maintain open communication with your buyer. Your commercial property solicitor can manage this for you. They will help you draw the Heads of Terms and provide the EPC and asbestos survey results for example.

Your commercial property legal expert will also obtain the title documents from the Land Registry. In addition, they will arrange for the exchange of contracts while officially confirming any financial transfers. Your commercial property solicitor will be there to answer any questions you may have throughout the process of selling your commercial property.

There will be a time during the sale of your commercial property where you feel like nothing is happening. It is where you will be waiting for the buyer solicitor and your solicitor to communicate. During this stage contract packages will be sent. There may also be questions and answers sent between the solicitors with regards to the Commercial Property Standard Enquiries. Your commercial solicitor will keep you updated on the process and what is happening.

The buyer’s commercial property solicitor will carry out due diligence. This step can last a few weeks on average. There will be lots of communication between you and your solicitor with the buyer and their solicitor. Once the due diligence is complete, documentation will need to be agreed too. There may also been some further negotiations at this time. Your commercial property solicitor can manage this for you.

A 10% deposit will then be put down by the buyer and the contracts will be exchanges. This is when the sale of your commercial property becomes legally binding. Upon completion the buyer will become the legal owner of the commercial property, and the keys will be handed over to them.

Need help with the selling of your commercial property? Contact our commercial property lawyers in Peterborough now to see how we can help you.