If you are buying or selling commercial property, contact:
Jean Murphy
053-9233111
info@johnasinnottsolicitors.ie
Before buying or selling any property, it is vital to consult a solicitor. This is particularly so in the case of a commercial property transaction. John A. Sinnott and Co. Solicitors have vast experience in taking care of the buying and selling of:
Buying
Points to consider are:
- All costs and not just the purchase price. These will include land registry fees, VAT and stamp duty. The current rate of stamp duty is 6% of the purchase price.
- If buying or leasing is the best option for you.
- How sound is the premises – make sure to have a structural survey carried out by a engineer, architect or surveyor.
- Are land registry maps and planning permissions in order?
- What will you use the premises for and what was the business use previously? Restrictions may apply with regard to change of use of a business premises.
If the premises is in a retail park, estate or apartment development, there are further considerations:
- Is there a long lease in place bound by a covenant?
- What are the policies of the management company?
- Does the management company maintain a sinking fund?
- Are there service charges in place?
- How will future capital expenditure and building dilapidations be funded and dealt with?
Selling
Points to consider are:
- Are title deeds in order?
- Have commercial rates, water rates and property taxes been paid up to date?
- Does the property have a BER certificate?
- What are the tax implications?
Planning disputes can also arise and we can deal on behalf of the seller or buyer in these instances.
Remember, a property investment is likely to be the biggest investment you will ever make. Make sure you are fully informed and confident before entering any contract. John A. Sinnott & Co. Solicitors can provide you with that reassurance.