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Many established businesses own commercial properties, land or major assets. Often times, it will fall on responsibility of managers to sell these properties. Specifically, when selling a commercial property such as an office building or industrial complex, the conveyancing process is required. To help businesses sell their property, managers should have solid understanding of the process. Here are the main stages in the conveyancing procedures.
How To Choose A Conveyancer
Firstly, you should find a conveyancer for your commercial property sale. A conveyancer is a lawyer who specializes in the transferring of property. These specialized lawyers are often cheaper than solicitors. Due to their specialized nature, they can facilitate the sale of your business building or commercial office space. To find a conveyancer, simply contact local conveyancing services in your area. They will walk you though the steps to sign a Letter of Engagement or Confirmation or Terms of Business. Once you have selected a conveyancer, you are ready to start the selling process.
Forms Required For Selling Conveyancing Process
After securing conveyancing services, your solicitor will ask you to fill out various forms. Many of the standard forms are required for the stages of conveyancing. First, you will fill out the Property Information Form along with the Fixtures, Fittings and Contents Form. In some cases, a Memorandum of Sale is required too. Then, the conveyancer can move ahead with the selling process.
Start A Contract With An Offer
To sell the company property, you must have a offer you’re willing to accept. The acceptance will initiate the contracting process between the agents of the buyer and your company (the seller). Managers will typically have the owner of the property (if a private corporation) review a draft contract for selling. When completed, your conveyancer will send the proposed contract to the interested buyer’s solicitor or conveyancer. Of course, the buyer’s agent will discuss the terms with them.
Manage The Negotiations Process
Then, the buyer’s solicitor will respond to the draft contract. Most likely, the real estate agents will act on behalf of their licensed company. So, if there is a negotiation, it is coming from the buyer directly. Now is the best time to discuss and clarify details of the property. It should include when the terms of the sale are, additional requirements or special requests. If they buyer wants your company to do any property development or make renovations, this stage is an acceptable time to negotiate. Of course, your management skills should allow you to make a fair deal.
Commit To Exchange Contracts
To complete or close the sale, the solicitors perform an exchange of contracts. On a predetermined completion date, the buyer is allowed to move into the property. However, before the data comes, the exchange of contracts must be completed to complete the sale. At this point, the property sale is legally binding. Meaning, you can rest assured that the buyer will buy the commercial property. If not, they can be subject to legal action or penalties. On the other hand, you are not allowed to accept new offer on the property.
These are the main steps to the conveyancing process. As a manager, you want to ensure that the conveyancing paperwork includes all the required properties. With the help of a conveyancer, draft a contract and start the negotiations process. Then, you will be ready to exchange contracts and complete the sales. Of course, you will have to transfer the property deed upon completion too. At the end, your company will have gone though a successful conveyancing process.
