Buying

Commercial Real Estate is very differently to Residential and should be treated as such. Whether buying to move your business or as an investment, you should not sign a Contract without first getting advice from //Adcock’s on the Contract, and from your Accountant or taxation specialist about the financial implications.

 

Frequently Asked Questions

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Land zoning regulations dictate land use as residential, commercial, industrial or many other uses. Councils also require minimum areas and frontages for land divisions. Councils also regulate where the building is to be situated on the land, carparking and open space together with many other building requirements. //Adcocks can work with your builder to assist you with these issues. Click here for contact details of your Council or Contact us to discuss in more detail
Generally, although there are some exceptions, when you buy a Strata Titled Unit you buy the ‘space internal to the building’, and with a Community Title you own the building and the land it its on.

Strata and Community Corporations have an obligation to maintain and insure the common property and to enforce rules which dictate what the owners can and cannot do. In addition to the normal council and water rates you will also need to pay the Corporations Community or Strata contribution. All Strata and some Community Corporations prohibit any structural alterations to the building and some Corporations will not allow animals. Failure to check whether you can do what you want with the unit prior to signing a Contract could be costly. Click here for further information on your rights and responsibilities or Contact us to discuss in more detail When you sign your Contract, you should be provided with copies of the By Laws / Articles, minutes of at least the last 2 years meetings including financial statements and Contribution information. This information will also disclose any works to be done (such as fencing or painting) that you will be expected to contribute to. Until recently //Adcocks were professional managers of these groups. We know how they work and we can provide invaluable advice. Click here to email us a copy of your Contract today, or Contact us to make a time to pop in.
Community Titled properties can sometimes appear like a Torrens titled property; one that is only governed by the local council regulations. However, in many instances, particularly with unit style developments they are Community Titled. This means that (depending on the amount of buildings in the Community title) you as an owner will be bound by By Laws (rules) of the scheme. If you have bought a Community Titled property, you have certain obligations at law and it’s important you understand them Click here for further information on your rights and responsibilities or Contact us to discuss in more detail.
The day you sign the Contract! If something were to happen to the property before settlement (such as a fire) it would be your insurance that would need to cover the damage. You should also consider taking out Title Insurance. Adcock's can arrange cover for you through Stewart Title, and we strongly advise all Purchasers take out the cover. It's a one off cost and covers you for the entire time you own the property for things such as fences not on the correct boundary or where someone has fraudulently obtained your title. For further information on title insurance Contact us to discuss in more.
This is why it’s vital you have us check your documents before you sign; or at least as soon as you get them! Our Conveyancers are trained to examine the searches and Contracts for such things.

At Adcock’s we can also provide you title insurance through First Title . This insurance is designed to cover you for things such as unapproved improvements, encroachments of boundaries etc. Every new purchaser should not be without this cover. We do not receive a fee or commission for endorsing this product. For further information on title insurance Contact us to discuss in more detail.
How you purchase a property today will determine the long term effects on your finances and taxation. //Adcocks are not taxation experts or financial advisors; however we are more than willing to discuss with you or your accountant any issues you may have. If you do not have a taxation expert you can speak to, click here for our recommendation

Adcock’s do not receive a fee or commission for its referral
Any investment will inevitably have an affect on your tax situation and real estate is no different.

Before proceeding with any sale or purchase, you should seek the advice from a qualified taxation expert.
Things that should be considered include:
//Q who is to bear the CGT (if any
//Q how is it to be financed
//Q should a family trust be used
At //Adcock we know stamp duty laws and we work with your Accountant or Financial Advisor to ensure these transactions can be supported by acceptable documentation and that you pay no more state tax than is necessary //Adcocks are not taxation experts or financial advisors; however we are more than willing to discuss with you or your accountant any issues you may have. If you do not have a taxation expert you can speak to, click here for our recommendation

// Adcock’s do not receive a fee or commission for its referrals
The Statuary Searches provide information to the Agent and your Conveyancer on the past dealing of the land and any current restrictions. If you are unsure of how to interpret these searches, Contact //Adcocks who will be able to advise on them. Remember, it’s critical you obtain your own, independent advice before your Cooling Off expires and you are bound by the Contract.
The Contract will stipulate whether there is a GST component included in the sale price. If you are not registered for GST (IE unable to claim back the GST amount), this is not terribly important to you. However, if the entity you are buying in IS registered for GST and CAN claim back GST paid, how the GST is applied is VERY important. There is a provision in Land Contracts for the Vendor to apply the Margin Scheme provided the Purchaser agrees in writing (in the Contract). Typically, people are not aware they have agreed to this when signing the Contract.
The Real Estate Agent acts for the Vendor and is paid by the Vendor. If the Conveyancer or solicitor referred by the Agent obtains most of their business through that Agent they may be more interested in looking after that association than making sure your interest is protected. It is illegal for an Agent to receive any form of benefit for referring work to a particular person, including free services such as searches. Ask your Agent if they receive any benefit for referring to a particular Conveyancer and, as with any large investment, you should make your own enquiries. //Adcocks do not pay or receive a fee or commission for its referrals
Especially in a Commercial Transaction you should not use the same Conveyancer as the other party to the transaction. At //Adcocks we prefer to act only for you because any advice we give you will not compromise the advice we would give to the other party. Any possible cost saving can be insignificant where a problem occurs and you may be required to engage another Conveyancer at the last minute resulting in far greater costs.
Yes, you can sell your interest in a Contract but the process is fraught with difficulties. //Adcocks are familiar with the issues involved and can prepare the documentation. You should be wary of signing a Contract with the intention of on selling your interest without first speaking to one of our Conveyancers.
If your Contract is subject to you obtaining finance, you must consider your position carefully. If you waive the Clause, and make the Contract unconditional you may incur large costs if you cannot settle. Usually if you have done everything possible to obtain the finance, but have failed, your costs to terminate the Contract should be minimal. However, ignoring the clause will not make it go away! //Adcocks will deal direct with your financier and ensure you have sufficient time and advice to make the right decisions. If you do not have your finance in order and would like assistance, click here. //Adcocks does not receive a fee or commission for it’s referrals. It is important that you understand your obligations with regard to all the Contract conditions. //Adcocks can provide the expertise necessary to deal with these issues. Click here to email us a copy of your Contract today, or Contact us to make a time to pop in.
Once you’ve signed the Contract and associated forms, you need to start working towards Settlement. This means, your financier and Adcocks will need a copy of the Contract immediately so documentation can be prepared to avoid delay. If you bring your Contract to our office, we’ll make copies and supply them to the relevant people on your behalf. This must be treated as a matter of urgency as the process from signing to Settlement is typically 4 weeks; and some financiers require all of that time to be ready. Click here to email us a copy of your Contract today, or Contact us to make a time to pop in.
The Vendor Disclosure Statement, a Form 1, must be issued by the Vendor to the Purchaser upon the sale of all property. Usually the Agent for the Vendor obtains all the required searches and completes the Form 1 and the Vendor is required to sign to confirm its accuracy. Essentially the Form 1 is required to disclose everything which currently effects the title and the land. The disclosures should include any known land contamination, building works done without approval, any Council conditions which continue to apply, whether the Government has indicated that the property is required for future road use, and it should list all mortgages and caveats lodged against the title and whether these are to be paid out at settlement. The Form 1 is a lengthy document and should be read carefully before signing any Contract. Most Purchasers are entitled to have two clear business days, after the Contract has been signed, to consider whether they want to continue with the purchase. This “Cooling Off” period is not available where a property is purchased at auction and it is not available to companies and under some other circumstances. You shouldn’t sign any Contract unless you have every intention to proceed with the purchase. Contact Us and we’ll have a Conveyancer look at the Form 1 before the auction and before you sign any Contact
This depends on your personal circumstance and why you bought in the first place.

A surviving Joint Tenant, will upon the death of all the other Joint Tenants, become the sole owner of the property (even if their last Will says something different). Typically, couples or related parties choose Joint Tenants.

Tenants in Common usually are business partners. A Tenant in Common can leave their share in the property to anyone they include in their last Will. Tenants in Common can own different proportions of the property. Click here for more detail.
It all depends on the Lease. If there is no formal Lease in writing, there may be opportunity for you to serve notice on the Tenant to vacate. However, as each situation is different, you will need to Contact us to have one of our Conveyancers advise you on your options.
Yes. In 2007 the Superannuation Industry Supervision Act was amended to allow Self Managed Superannuation Funds (SMSF) to borrow money in order to acquire real estate. Of course there is a strict criterion which the SMSF must meet. //Adcocks is not a qualified Financial Advisor and cannot provide advice on the structure required, however, we if you do not have a financial advisor, we can refer you to one with vast experience in this area. Contact Us for more details. //Adcocks does not receive a fee or commission for it’s referrals
Yes. Provided you have sufficient cash in the fund to complete the purchase. You should first speak with your Accountant and Financial Advisor to ensure this is appropriate for your situation. As the property will go in the name of the Trustee for the Super fund, we will require a copy of the current Trust Deed.
In South Australia it is law that Asbestos registers (report on any asbestos in the building) be maintained annually on all non-residential buildings. You should be provided with a copy of the register with the Contract, Form 1 and related documents. If you have not received a copy, ask the Real Estate Agent for one or Contact us to have one of our Conveyancers assist with the same.
Typically if you are buying a tenanted commercial property there should be a Commercial Lease in place. You should seek advice on what it means & your obligations, before you sign the Contract. The value of a commercial property is usually related to the rent it can generate over a long period. Just because the current rent is high does not mean that it will remain so for the many years to come, and what will happen if the tenant leaves. //Adcocks have a great deal of experience in commercial leasing and can provide good advice. Contact Us to have one of our Conveyancers advise you on the Lease or Contract
The purchase of any property should not be done in isolation to all your other financial arrangements. How will the purchase be financed? What are the tax implications during ownership and upon the eventual sale? Can the property be used as you intend? These are only a few of the many issues which should be addressed before you enter into a contract. At //Adcocks we can walk you through the process.
Ideally you should get our advice before signing a Contract. Commercial purchases are very different to residential land and it’s important you understand what you are committing too. You also need to consider what name you plan to put the property in as you may have to sign the Contract ‘and or nominee’ which will require a Letter of Nomination before hand. Remember, while most Real Estate Agents are conscientious; they are the professional employed by the Vendor. //Adcocks can be the professional acting only for you and make sure your interest is foremost. Contact us and we’ll have a Conveyancer look at the Contract to identify any issues before you sign and before it’s too late!

 
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