Buying commercial property is an important investment that requires careful consideration. If you want to avoid legal and financial pitfalls, it’s important to have a good level of understanding of commercial property law in NZ. In most cases the best way to do this is to get expert advice. Below, we’re going to go over the key factors you should be aware of.
Types of Commercial Properties in NZ
There are different types of commercial properties that you can buy in Auckland, including hotels and motels, retail spaces, hospitality and food spaces, office spaces, and industrial premises. Each of these has different regulatory requirements, which your expert adviser can review for you.
Ownership Structure
There are a few different options for buying commercial property in NZ. If you don’t want to buy the property as an individual, you can buy it as a partnership, through a company, or through a trust. Teaming up with other parties can help to lower the risk of a commercial property venture. However, regardless of whether you decide to team up with others or not, it is important to choose the right type of property ownership for your needs. A professional property lawyer will be able to provide knowledgeable advice on the advantages and disadvantages of different structures.
Property Inspection
We recommend that you obtain a Land Information Memorandum report before buying commercial property in NZ. This report is a summary of all the information that the local council knows about the property you wish to purchase. This generally includes details about zoning and council restrictions, potential hazardous conditions and consents affecting the land or property.
Understanding Commercial Property Tenancies
A commercial property will have one or more tenancy agreements in place when you purchase. It is really important to get a good understanding of the terms of those tenancies, any issues between landlord and tenant to date and the tenants themselves.
Getting Legal Advice – Commercial Property Law in NZ
Buying commercial property is a significant undertaking that will require the help of professional advisers. If you want the best chances of success, it’s really important to get professional legal advice. Your legal advisor will ensure the entire buying process goes smoothly, and help you avoid costly mistakes.
What is a Conveyancing Lawyer and how can they help?
In the first instance, a professional conveyancing lawyer will review contracts before they are signed. Subsequently, a conveyancing lawyer will oversee the terms of the contract, the fulfillment of conditions, and ensure all legal obligations have been met before the purchase goes through.
The contract will outline the terms of agreement between the buyer and the seller, including the agreed date of settlement. Once the contract is signed, all correspondence between the parties will be between the buyer’s conveyencer and the seller’s conveyencer. They will each guide their respective clients through the process through until settlement.
Consult Whitlock Williams for Commercial Property Law in NZ
Looking for trusted conveyancing lawyers in Auckland who know about commercial property law in NZ? Contact Whitlock Williams today for expert legal advice you can trust. Our dedicated conveyancing lawyers will complete your property transactions efficiently and accurately. Get in touch with our team today.