What is the process of selling a commercial property? Commercial Property

The key stages of selling a commercial property are:

• Get ready – by instructing a solicitor, gathering together key documents and sorting out any legal or compliance issues.
• Find a buyer and agree heads of terms – market your property through an agent and, once an offer is accepted, agree the main terms in writing.
• Legal checks and contract drafting – the seller’s solicitor sends the draft contract and property information to the buyer’s solicitor, while the buyer carries out searches, surveys and raises enquiries.
• Exchange of contracts – contracts are signed and exchanged, the buyer pays a deposit and a completion date is set.
• Completion – the remaining balance is paid and ownership transfers to the buyer