Buying or Selling Commercial Property

Commercial property transactions involve several connected questions: what is included in the sale, how the property may be used, what records exist, what income or lease arrangements apply, and what checks are needed before committing. The right due-diligence plan depends on the property and the purchaser’s intended use. Obtain independent legal, accounting, building and specialist advice.

Preparing a commercial property for sale

Assemble the title and relevant instruments, plans, consent and compliance records, building and engineering reports, service information and details of any lease or occupation. Confirm which chattels, plant or equipment are included and ask your lawyer how any lease, bond or other arrangement should be described. Accurate, complete information helps prospective purchasers assess the asset; do not rely on an informal summary as a substitute for records.

Due diligence for buyers

Review the sale and title documents with your lawyer. Request the relevant LIM and property file, check planning rules for the intended use, and compare consent records with the building and site. Depending on the asset, arrange building, structural, seismic, fire-safety, accessibility, environmental, services or other expert assessments. Check boundaries, access, parking and service capacity. For a tenanted or occupied property, review the lease, rent and outgoings schedule, options, renewals, incentives, arrears and any maintenance or make-good obligations with professional advice.

Check records with the correct council

Tasman District Council’s LIM service includes commercial and industrial property information and recommends comparing the property file with the actual building and activities. For property in Nelson City, use Nelson City Council’s LIM information and current planning records. Confirm the correct Council for the street address and check current fees and processing times directly with Council.

Discuss a commercial transaction

Ray White Richmond’s live Commercial listings show current opportunities; sold-commercial records provide examples of past transactions but are not a valuation of another property. Contact the office through Ray White Richmond to discuss a commercial sale or purchase. An agent’s commercial appraisal is an opinion and is not a registered valuation. Richmond assists with commercial property transactions and does not provide ongoing property management.