Selling Commercial Property
Selling Commercial Property Lawyers East Lothian
There is a lot to be aware of when you are selling a commercial property including your legal responsibilities, when to put the premises on the market and at what price. Our Commercial Property Solicitors have many years of experience selling business properties; we have extensive and up-to-date knowledge of the law and the Scottish commercial property market. We will provide clear and practical advice throughout your transaction and focus on getting you the best financial return.
If you have any questions or would like to discuss your requirements with our team, please do not hesitate to get in touch today.
How can Paris Steele Help You Sell Your Commercial Property?
We regularly work with business clients selling a wide range of properties, including offices, shops, pubs, hotels and restaurants. Our lawyers will work closely with you to deliver a strategy based on your individual needs and commercial goals. Once the sale is underway, we will manage the conveyancing process, detailed below, and consult with you regularly as the transaction progresses.
Title and Contract Pack
With a detailed understanding of your commercial objectives, we will carefully prepare the draft contract, making sure it accurately reflects your position. This will be sent, along with the title information and other essential documentation, to the buyer’s solicitor for review.
Landlords should act reasonably when considering whether to give consent to a tenant’s request, such as approving an assignee or a change of use of the premises. Reasonableness is not assumed, so it is sensible to make this explicit in the lease.
Contract Negotiations
The buyer will either accept the draft contract as it is or request changes. We will discuss any tweaks the buyer wishes to make with you and negotiate these points with their legal team until both parties are in full agreement on the terms. Once this has happened, we will sign the contract on your behalf, which makes it binding on both you and the buyer.
Buyer’s Enquiries
The buyer will raise enquiries about the property and the surrounding area. We will source the information required to answer these questions and respond promptly. We take great care and attention when disclosing information, and do so fully and honestly, to reduce delays and help the sale to progress.
Settlement
Many important steps must be taken on the lead-up to completing the sale. We will communicate regularly with the buyer’s solicitor during this stage to ensure the required legal documentation and purchase price are delivered on time. If there is a mortgage on the property, we will arrange for this to be paid from the purchase price and transfer the remaining balance to you.