Providing information to support business owners with some of the more common decisions and considerations that you would need to take into account when moving business premises, from taking a commercial lease or buying a property to tips on who you should seek help from at each stage.
When you are ready to submit your offer and if the landlord/ seller accepts it, you should request that he or she will no longer negotiate with other parties. This is called a lockout agreement.
A Head of Terms (HoTs) will be drafted by your solicitor; this is not a legally binding contract but highlights the terms of your contract with the landlord or seller of the property. It will usually include details of:
Only when the following items have been completed are you ready to exchange contracts:
Completion is usually around one month after the initial exchange of contracts and this date should be clearly noted in the Head of Terms.
When purchasing a commercial property, it is usually the responsibility of the buyer to insure the property between the exchange of contracts stage and completion. This is usually highlighted in the Head of Terms.
Find out more about our full Business Premises Guide here or browse through the content below to learn more.
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