Selling Commercial Property
Whatever the type of commercial property that you are selling, there are several considerations to make and a process to go through in order to be successful. From preparing your property for sale to creating a buyer information pack, a commercial property agent can be the advisor needed to make selling commercial property as smooth and simple as possible.
The first step when it comes to preparing a commercial property for sale in Manchester is the creation of a contract package. This includes important documents such as:
- Title Documents
- Sale Contract
- Planning Documents
- Asbestos Reports
- Contamination Reports
Copies should be sent to the Buyer’s solicitor in all cases to prove the extent of the property and the land being sold. It is also used as proof that you actually own the property, in order to be able to establish the fact that you have the legal right to sell it.
Energy Performance Certificate
The vendor of a commercial property is required to provide the buyer with an Energy Performance Certificate - a standard document which ranks a property’s energy use and costs. Recommendations about how to increase efficiency are also included in this report. It can provide a helpful guide to the buyer regarding the energy efficiency of the property, though it cannot always be taken as gospel in some cases.
If you do not provide an Energy Performance Certificate prior to the completion of the sale, you could be liable for a fine of up to £5,000.
Once interest has been established and the buyer has gone through the contract package, they or their solicitor may raise additional questions in relation to the property. These can be wide ranging enquiries, either general or specific to a particular aspect of the property for sale.
A defect of title may be discovered during these enquires. This is when a property is publicly recorded as having a lien, mortgage or judgement against it. If this is the case, then its title cannot be legally transferred to another party. As the vendor, it becomes your responsibility to correct this issue at personal expense.
Buying and Completion
As soon as the buyer is satisfied and the sellers solicitor is in receipt of their mortgage offer (if needed), then the next stage is to accept their offer and for both parties to sign the contract. If both parties are satisfied, a completion date will be appointed - the day of which monies will be exchanged and the property will change ownership.
On the day of completion, monies are transferred over and the buyer is entitled to enter the premises from this day forward, so you should have vacated the property prior to this. The handing over of keys should also have been arranged, though this typically occurs through a trusted property agent…and with that, you have successfully completed the process of selling commercial property.
How Can Roger Hannah & Co Help?
At Roger Hannah & Co we aim to help vendors maximise the value of their property and help the transaction move forward by liaising with solicitors on our clients’ behalf. No matter if your property is an office, warehouse, retail unit or even a leisure facility - we have the expertise to help if you have a commercial property for sale in Manchester.
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For further information as to how Roger Hannah & Co can meet your property needs and help with selling commercial property, contact our professional team of Commercial Property Agents in Manchester today.
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