Selling a commercial property is not like selling a residential property. It is usually more complex because the buyer will pick up certain obligations that come with the property and then continue to meet them, or those obligations will have to be wrapped up so that the buyer does not have to meet them.
This is the time to bring in Saracens Solicitors. We are a highly experienced commercial lease solicitor in London. We advise on both leases and sales of commercial properties. We can help you smooth the sale of your commercial property with regard to:
The “Head of Terms”
The document, the Head of Terms, describes the framework of the sale as agreed by the buyer and seller. As such, it is put in place before the sale goes ahead. As a commercial lease solicitor in London, we can make sure you have a Head of Terms that is clear and accurate. This gives both parties something to refer to when putting together the actual paperwork of the sale, so that it reflects both parties’ wishes from the outset. Without such a document, expenses can be incurred with lengthy rewriting of the sales paperwork.
Other agreements that buyer and seller must reach on paper are referred to as warranties and indemnities. Making sure you have the right kind of agreement in place can make a big difference financially should either you or the buyer claim there is a breach of contract. As your commercial lease solicitor in London, we can clarify things so that you choose the most appropriate agreement for your sale. If you choose a warranty, we can help you decide on the limits of your liability.
Picking our legal brains over restrictive covenants, which restrict the way a building can be used, for example, can make sure your sale goes through.
Can we help you with your sale? Call us today to find out more.
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