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No Indebtedness by Seller of Store

Buying a commercial property

Buying a property demands big investment. Especially when you are buying a property, such as a store, you want to make sure you get all the cost through the profit. It is true that real estate market never goes down; risking a large amount without knowing the background of the property and seller would be a big mistake! You would like to take care of below points when you are looking to buy a commercial property.

  • The location: Obviously you don’t want too much competition from already established businesses. Choose a property where you have large market and less competition. It may take a while till you find a right location. But believe me it is worth every second!
  • The size of the property: You would like to complete all the debts as soon as possible and start making profit. Therefore carefully choose the size and type of the property. Don’t go too far from the target limits you have decided for the property or wait longer to make profit!
  • The condition of the property: Before sealing the deal, get a surveyor’s help. There might be hidden defects or damages which may later on become big liability. A surveyor will be able to identify it. You also need to enquire about the building’s energy performance.
  • Legal aspect: Consult a lawyer from the beginning. His advice is extremely important as there are many legal matters you may miss out yourself. He will make sure that the title is ready to be passed on, and there is no indebtedness by seller of store, stamp duty land tax forms have been submitted and title has been registered with the land register.

 

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