What is a Commercial Property Settlement?
A commercial property settlement in Western Australia is the legal process that completes the sale or purchase of a commercial property, such as office buildings, retail spaces, or industrial properties. This process involves several key steps:
- Contract Agreement: The process begins once both parties sign a contract of sale. This contract outlines the terms of the transaction, including the purchase price, settlement date, and any special conditions.
- Due Diligence: Before settlement, the buyer’s conducts thorough checks on the property, such as verifying the title, checking for encumbrances, and reviewing any existing leases. This step ensures that the buyer is fully informed of any potential issues.
- Financial and Legal Adjustments: The buyers conveyancer calculates and adjusts for any outstanding rates, taxes, rent or fees, ensuring that both parties only pay their respective portions up to the settlement date.
- Settlement Day: On the agreed settlement day, the balance of the purchase price is paid, and the property title is officially transferred to the buyer. The buyer’s conveyancer ensures all conditions of the sale are met and registers the new ownership with the relevant authorities.
- Post-Settlement: After settlement, the conveyancer handles any remaining formalities, such as notifying authorities and managing the handover of keys or access to the property.
This process is crucial as it involves significant financial transactions and legal documentation, and it ensures that the property transfer is completed smoothly and lawfully​
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Redefining the Commercial Settlement Process
Whether you’re buying, selling, or leasing commercial property, our team has the expertise and experience to guide you every step of the way.
At Hanson Property Settlements, we’ve honed a proven approach to assisting commercial clients with all their conveyancing needs throughout Western Australia. We offer high-quality, personalised service backed by a team of experienced professionals who are passionate about achieving the best outcomes for our clients.
Offering a Hassle-Free Experience
When you’re in the market for a commercial property, having an experienced conveyancer by your side is invaluable. We assist with all aspects of pre-purchase conveyancing, helping you navigate critical considerations such as:
- The treatment of GST on your purchase
- Any existing leases tied to the property
- Potential red flags that could impact your investment
We collaborate closely with commercial real estate agents across Western Australia, putting our clients in the best possible position while ensuring all legal obligations and disclosure requirements are fully met.
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