Selling

Commercial Real Estate is very different to Residential and should be treated as such. When people look to purchase Commercial Real Estate it’s usually for one of two reasons; the income it produces (rental) or for their own use. As such, it’s important you ensure that any issues relating to the Lease or the building are addressed before you put it on the market.

If the property is leased, this means ensuring your Tenant has paid to date, that they have complied with their responsibilities under the Lease such as servicing Air conditioners & Fire Extinguishers.

Whether selling to buy something else or to reduce debt, 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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When the property is sold, the rights to the Lease will need to be assigned to the new owner. Depending on the terms of the current lease, either an Assignment or New Lease will need to be prepared. //Adcocks can do that work as part of the settlement process.
Yes. When Commercial Real Estate is sold, it is required for the Vendor to provide to the Purchaser an up to date register.
Yes. If you intend to sell to a relative you need to make an appointment to come in and discuss the details with us. This is to ensure all parties are aware of the Costs involved, who is paying for what, the long term implications (particularly if you are selling for less than market price), and to ensure you receive any grants or concessions for which you qualify.
When an owner of property dies it is required to register their death on the title. If the property is held by the owners as Joint Tenants nothing further is required as ownership will belong to the survivor. If the property is held by the owners as Tenants in Common, probate will need to be obtained and the Executor of the Estate will need to join with you to sell the property. In both cases, the sale of the property can be started while the title is being put in order. //Adcock have experience in deceased estates and can advise you in this regard.
No, unlike the Purchaser, who usually gets 2 clear business days to consider the purchase, when you sell, you are bound by the Contract as soon as you sign.
There are many different Contracts currently in use in South Australia, and your rights and responsibilities vary depending on the Contract. Typically, if a Purchaser fails to comply with any term of the Contract, your Conveyancer may serve Notice to them on your behalf. Depending on the default caused, you may also be able to charge and collect default interest.
No, unlike the Purchaser, who usually gets 2 clear business days to consider the purchase, when you sell, you are bound by the Contract as soon as you sign.
Auctions; the basics
*Contracts are unconditional (no subject conditions such as Finance)
*Are held at a pre determined place and time
*10% deposit payable by the Purchaser (unless a lesser amount is agreed by you before the auction)
*The Purchaser does not get a cooling off period
Private Treaty; the basics
*Contracts can be made conditional to things such as finance, works being done, sale / settlement of the purchasers property etc
*Are negotiated between the Purchaser and the Agent on your behalf
*Deposit amount varies as agreed to by you and the Purchaser
*The Purchaser receives a cooling off period
It is a requirement by law that certain searches be carried out before Real Estate can be sold. These are your responsibility as a Vendor to pay for and include:
*Section 7 Statement
Information on charges, orders and other restrictions on the property *Council Search
Council information on the buildings, charges / orders on the property *Copy of documents such as Encumbrances or Easements
Details on any Easements / Encumbrances registered on the Title *Asbestos register; Commercial properties are required to have an asbestos register, updated annually. If you do not have one, we can arrange it for you or click here to arrange it yourself. *Section 41 Statement (if selling a Strata or Community property)
Details on the financials of the Corporation, works to be done etc
//Adcock’s can do the searches for you and you will not have to pay until the property settles if we act on your behalf. If you would like us to do the searches on your behalf and provide them to your Agent, click here.
Whether GST is applicable to the sale of commercial property will depend on several factors. A Contract should NOT be entered into until you have sought the advice of the Accountant and Adcocks on whether GST applies. In most instances where there is a business operating from the premises, with a lease in place, which is to remain beyond settlement, GST is not applicable as it will be treated as a Going Concern. However, as with all things taxation, it’s not always that simple. If GST is to apply, you will also have to consider whether to apply the margin scheme. Adcocks and your Accountant will work with you to ensure the correct method is used.
//Adcocks is not qualified taxation advisors, but inevitably the sale of an asset such as commercial property will affect your taxation. You should contact your accountant or tax adviser for advice in your particular circumstances. Click here if you do not have an taxation Accountant and would like the details of one.

//Adcocks does not receive a fee or commission for it’s referrals.
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
//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

 
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