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How do I sell a commercial property
I have sold many houses in the past (working as estate agent) and have been asked to sell a commercial property for a friend. Does any one know if this is same transaction? I seem to think that VAT comes into it somewhere?
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I'm a property lawyer and it's very different from residential though more from the legal work than selling it I'd have thought.
In essence it is the sale forms but the contract is more substantial, there are different (and more extensive enquiries, commercial rather than residential searches and elements such as VAT involved (depending on whether it is charged, companies are VAT registered, make an election etc...).
It also depends on whether it is just the land or also business elements like the business itself, goodwill, stock...whether it is subject to any tenancies etc...
Often there are heads of terms drawn up, especially if the grant of a new lease is being obtained and relating to what is being sold on what terms eg restraint of trade.
Does this help at all?
In essence it is the sale forms but the contract is more substantial, there are different (and more extensive enquiries, commercial rather than residential searches and elements such as VAT involved (depending on whether it is charged, companies are VAT registered, make an election etc...).
It also depends on whether it is just the land or also business elements like the business itself, goodwill, stock...whether it is subject to any tenancies etc...
Often there are heads of terms drawn up, especially if the grant of a new lease is being obtained and relating to what is being sold on what terms eg restraint of trade.
Does this help at all?
1 to 2 of 2
