There are a number of common issues that arise in the purchase of commercial property in Ireland whether it be by auction or private treaty. We set out these issues below for consideration.
Need a commercial property lawyer? There are a number of common issues that arise in the purchase of commercial property in Ireland whether it be by auction or private treaty. We set out these issues below for consideration:
Your commercial property lawyer will carry out a full due diligence of the title of the property
They will check to ensure you will be acquiring " good marketable title". If there are issues on title, they will identify these to you to allow you to make an informed decision as to whether you should proceed.
As part of the title review, your solicitor will review planning documentation to ensure all is in order and furthermore ensure they hold the requisite architects certificates of compliance which confirm that any building works were carried out in compliance with planning permission and building regulations.
The key is to ensure there are no unauthorised developments.
We will always advise that you engage a surveyor / engineer to check that the position on the ground matches the planning documentation furnished. If not further investigation is required and potentially further certification depending on the works involved.
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It is also vital that boundaries of the property are reviewed and that there are no discrepancies when the maps are compared to the position on the ground.
It is important that no one adversely encroaches on to the property you are purchasing or that part of the property does not encroach onto a neighbouring property.
Another common problem is access.
As part of the title review, your solicitor will check the title to ensure the roads and services adjoining the property are either owned by the local authority or instead that there is a right of way over access roads and lands to properly service the property.
If a right of way exists it is important that this is properly documenteted and preferably registered especially in light of new legislation which provides for a deadline on the registration of certain rights and easements.
It may sound obvious but it is important to check that there are no tenants in the property or if being sold as a tenanted property that a full review of all relevant commercial leases is carried out by your solicitor.
Commercial tenants can have significant rights including rights to renew and so it is critical that a full review is completed before you purchase.
A full survey of the property is critical. The doctrine of “caveat emptor” (“buyer beware”) applies to the physical condition of the property. Therefore you buy "as is" and if this includes major structural defects , this is for you as a purchaser to identify. The vendor is not under any duty to disclose any issues.
Therefore a full structural survey may end up representing excellent value for money if in turn it saves you thousands in the long term.
There may be smaller issues with a property that can easily be rectified, but it is important to identify these problems and the associated costs before signing contracts.
In residential transactions, lenders do not appoint their own solicitor however in commercial transactions, a lender appoints its own Solicitor to carry out a full investigation of title and to prepare loan documentation.
The legal costs will generally always pass to you as the purchaser of a commercial property and range from €1,000 - €2,000 (lenders legal costs estimate) for a straightforward commercial property purchase to €5,000 plus for a commercial development as a guide.
You also have your own Irish solicitors costs for acting in the purchase. Some solicitors charge a fixed fee while others will charge a percentage of the purchase price. In addition, you will also have to budget for outlays which include registration costs , Stamp Duty, search fees, commissioners fees. Outlay is calculated on your purchase price and so if you phone or email us with your estimated purchase price, we can immediately calculate these costs for you and forward a no obligation quotation for you.
CGsolicitors are one of the most prominent commercial property law firms in Ireland, providing exceptional legal services to businesses across the country. With extensive experience in commercial property law, they have helped numerous clients navigate complex legal matters related to buying, selling, leasing, and managing commercial properties.
In this blog post, we will now delve into the reasons why CGsolicitors are considered the best commercial property lawyers in Ireland, as well as answer some frequently asked questions about commercial property law in Ireland.
CGsolicitors has a team of highly experienced and skilled lawyers who specialize in commercial property law. They have a deep understanding of the complexities of commercial property transactions, including due diligence, financing, and drafting of contracts. This expertise enables them to provide comprehensive legal advice that addresses all aspects of commercial property transactions, ensuring that their clients' interests are fully protected.
CGsolicitors understands that each client's needs are unique, and therefore, they provide tailored legal solutions that are specific to each client's circumstances. They work closely with their clients to gain an in-depth understanding of their goals and objectives, and then provide legal advice that is aligned with these goals. This approach ensures that their clients receive legal advice that is practical, relevant, and effective.
CGsolicitors has an excellent reputation in the legal industry and among their clients. They have consistently delivered high-quality legal services, earning them a reputation as one of the best commercial property law firms in Ireland. Their clients have commended them for their professionalism, attention to detail, and dedication to achieving their clients' goals.
CGsolicitors has a deep understanding of the commercial property industry in Ireland. They keep up to date with the latest developments in the industry, including changes in legislation and market trends, enabling them to provide their clients with the most up-to-date and accurate legal advice. This knowledge allows them to identify potential issues and risks, and provide proactive solutions to their clients.
CGsolicitors is committed to providing exceptional client service. They understand that commercial property transactions can be stressful and complex, and therefore, they strive to make the process as smooth and stress-free as possible for their clients. They are responsive to their clients' needs and provide regular updates throughout the transaction process, ensuring that their clients are fully informed at all times.
Commercial property law relates to the legal aspects of buying, selling, leasing, and managing commercial properties. It covers a wide range of legal issues, including property ownership, financing, contract law, and environmental law.
Commercial property transactions can be complex, and there are often significant legal and financial risks involved. A commercial property lawyer can provide expert legal advice and guidance to ensure that your interests are protected throughout the transaction process.
When choosing a commercial property lawyer, you should look for someone who has extensive experience and expertise in commercial property law. They should have a deep understanding of the commercial property industry and be familiar with the legal and financial risks associated with commercial property transactions. They should also be responsive to your needs and provide tailored legal solutions that are specific to your circumstances.
The cost of a commercial property lawyer can vary depending on the complexity of the transaction and the level of legal services required. Some lawyers charge an hourly rate, while others charge a fixed fee for specific legal services. It is important to discuss the cost of legal services with your commercial property lawyer upfront to avoid any unexpected costs.
Common legal issues in commercial property transactions include title defects, zoning and planning issues, environmental issues, financing and mortgage issues, lease disputes, and breach of contract. A commercial property lawyer can help identify these issues and provide solutions to minimize risk.
The length of a commercial property transaction can vary depending on the complexity of the transaction and the parties involved. Generally, a simple transaction can take anywhere from four to six weeks, while a more complex transaction can take several months to complete.
Your commercial property lawyer should provide expert legal advice and guidance throughout the transaction process. They should conduct due diligence on the property, draft and negotiate contracts, and provide guidance on legal and financial risks associated with the transaction. They should also be responsive to your needs and provide regular updates on the status of the transaction.
CGsolicitors is one of the best commercial property law firms in Ireland, providing exceptional legal services to businesses across the country. Their extensive experience and expertise in commercial property law, tailored legal solutions, excellent reputation, strong industry knowledge, and commitment to client satisfaction make them the ideal choice for any commercial property transaction.
If you're looking for a commercial property lawyer in Ireland, be sure to choose someone with extensive experience and expertise in commercial property law. They should be familiar with the legal and financial risks associated with commercial property transactions and be able to provide tailored legal solutions that are specific to your circumstances. With the right commercial property lawyer by your side, you can minimize risk and achieve your goals in any commercial property transaction.
Also check out our blog on property solicitors in Dublin.