Commercial and Industrial Property Service

No. Cooling off under the Sale of Land Act does not apply where land is used primarily for industrial or commercial purposes, and there are further exclusions for larger farming land and for purchasers who are estate agents or bodies corporate. A commercial contract binds on signing.

They continue. Buying a tenanted property means taking on the leases as they stand, so terms, expiry dates, options to renew and outgoings recovery all matter. Rent is adjusted at settlement, and any bond or bank guarantee needs to be transferred or reissued in the buyer’s name.

Longer leases can be. A lease of more than three years can be registered on title in Victoria, which protects the tenant’s interest against later dealings. Whether a lease is registered affects what a buyer sees on the title search, so unregistered leases need separate disclosure.

More than on a house. Beyond title and rates, the checks usually cover permitted use under the planning scheme, whether building and occupancy approvals are in order, essential safety measure records, and any environmental or contamination history. Some of that needs specialist reports rather than searches.

It is adjusted, and it is not exempt. Unlike a home you live in, commercial property attracts land tax, and the liability is apportioned between seller and buyer at settlement. The assessment can lag the transaction, so the contract sets out how any later adjustment is dealt with.