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Commercial Property Rentals
The Lessee enters into a rental contract that binds him/her to a stipulated period of time. The contract will include general conditions that safeguard both the Lessor as well as the Lessee. Specific clauses can sometimes be included depending in the agreement between both parties. Conditions are varied and dependent on the type of business venture. In all cases it is very important that the property holds the relative permits and if not, that these permits can be obtained. The relevant planning permits pertaining to the particular commercial premises is usually obtained by the Lessor, however the business / trading licence relating to the particular business is usually obtained by the Lessee.
Commercial Property Sales
Similar to residential property, when one is purchasing a commercial property, a ‘Promise of Sale‘ (also known as the ‘Konvenju‘) is entered into. This is usually held at the Notary of the Purchaser‘s choice, and where the Purchaser has no connections with any particular notary, this can be suggested and coordinated by Belair. The agreement is then drafted based on the terms and conditions agreed upon, and signed by both parties in the presence of the Notary.
A deposit usually equivalent to 10% is paid upon signing of the ‘Promise of Sale‘ and held either by the Vendor or by the Notary, again depending to what has been agreed
The Notary then conducts the necessary searches and obtains the necessary documentation to satisfy both the Purchaser‘s and the Vendors' legal requirements
During this time, an architect visit is recommended to ensure that the property is in good structural condition and that all planning permits are in order.
Contact us for further information.