Purchase and Sale of Commercial Property
Buying and selling commercial property is not the same as dealing with residential property and requires specialist commercial property solicitors with the appropriate skill, knowledge and most importantly experience of the issues that may arise.
When purchasing commercial property it should be noted that there is not usually a condition survey or valuation report available. When buying a residential property the Home Report incorporates both. A purchaser of commercial property must therefore satisfy itself on these matters, although if there is a lender involved a condition of the secured loan will likely be a satisfactory valuation.
Also, a properly advised purchaser will seek to obtain as much statutory compliance documentation from the seller as possible, i.e. asbestos survey report, fire risk assessment, disability discrimination audit, Legionella water risk assessment, gas and electricity safety certificates etc. Not only will this information inform the purchaser’s decision to proceed with the purchase (i.e. the increased costs of removing asbestos containing materials could make the purchase at the agreed price uneconomical) it may also reduce a purchaser’s cost of statutory compliance going forward. A prospective tenant will also look for statutory compliance documentation on the basis that a properly drafted commercial lease will make compliance a tenant responsibility (see Landlord and Tenant section).
Experienced Commercial Property Solicitors
We at Pollock Fairbridge Solicitors have the skill, knowledge and experience to assist you when buying and selling a commercial property in Scotland.
With the advice and support of our commercial property solicitors you can turn an offer, proposal or heads of terms into a completed transaction, whether the property is retail, industrial, office or other type of commercial property.
We have substantial experience with purchasing and selling commercial property in Scotland and regularly advise on acquisitions, sales and the management and letting of investment properties (see our Landlord and Tenant page).