Buying a house is a complicated process—with lots of paperwork, negotiation, inspections and contract stipulations involved. It’s because of this complexity that most buyers will invest in a qualified team of conveyancers in SA. A conveyancer’s job is to guide a buyer through the process of purchasing a house and making sure that the transfer of property and land goes smoothly and legally.
However, the process of buying a home is almost simplistic when compared to the process of purchasing a business. A house is a valuable asset, but at the end of the day, a buyer is only purchasing the property itself. When you decide to acquire a business, you are sometimes buying property (though not always). Instead, the focus of a property purchase is on the brand itself. You are buying the company’s name, trademarks, patents, reputation, visibility and customer base. If the business owns real estate, product inventory or other assets, you are buying those as well. In short, the breadth of a business purchase is much larger than a house purchase, making the settlement process that much more complicated.
The Complexity of the Commercial Conveyancing Process
Between trademarks and patents, much of what you buy when you purchase a business is intellectual property. These assets have value, but they are not tangible, which complicates the conveyancing process. A skilled commercial conveyancer in Brighton can help you understand how the transfer of these non-tangible assets works.
Even if the intangibility of branding were the only unique challenge of the commercial conveyancing process, buying a business would still be markedly more involved than the purchase of a house. However, there are many other factors to consider as well.
For instance, if the business you are purchasing doesn’t own its premises but rents or leases them from a third party, what will happen to the lease when you buy the business? What will happen to contracts with employees, suppliers, contractors or other individuals or entities? If you are buying a restaurant or bar, will the purchase include the liquor licence or will you have to go through the process of applying for a new one?
These examples outline just a few of the questions that you need to ask long before you reach the settlement phase of the commercial conveyancing process. Failing to ask these questions upfront could lead to massive, costly hurdles for you to face after you buy the business. In some cases, the answers to these questions might even compel you to walk away from a potential business transaction.
At Adelaide Conveyancing, our job is to assist you to get the answers to all the concerns that might impact your business purchase. As experienced commercial conveyancers, we have seen our fair share of successful business sales and acquisitions over the years. We know the common pitfalls to buying (or selling) a business, as well as how to help our clients avoid them. Our conveyancing team in Brighton will help you negotiate with the current business owner and make sure that all your interests are clearly outlined and well-executed in the final settlement documents. In short, we protect you and make sure that there aren’t any nasty surprises waiting for you after you finalise a business acquisition.
Are you interested in working with our conveyancers in Brighton? Call us on 08 8358 5111 to learn more about our commercial conveyancing credentials.