Buying & Selling Commercial Property: Get Your Contract Right

Introduction

Any contract to sell land must be fit for purpose. Every property and client are totally different so your contract needs to reflect this. How do you do this and what should you consider? Do you know the key commercial questions you need to ask clients to tailor the contract to suit their needs? What is the impact of what you ultimately agree?

This live session will answer these fundamental questions, from both a buyer and seller’s perspective, considering market practice and what to expect. Where appropriate the relevant Standard Commercial Property Conditions will be covered, enabling you to do the best possible job in getting your contract right.

What You Will Learn

This live and interactive course will cover the following:

• Who should take the risk between exchange and completion?
• How should the contract deal with apportionments?
• What should you include to cover rent arrears? Who will be able to take action against the tenants and what are the risks to either party?
• What issues should you consider with leasehold properties - when will formal consent be given and what exactly can each of the parties be required to do?
• Who has control of any tenant applications for consents, dealing with ongoing proceedings and agreeing outstanding rent reviews?
• What happens when completion is late? What is either buyer or seller entitled to do? Is compensation payable and how is this calculated?
• What is the position when completion doesn’t happen? Do you just serve a notice to complete? What are the consequences once it is served and what if the notice is later proved to be invalid?
• What needs to be included to cover VAT and TOGC's? What are the options and what should be checked with the client?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.