40 - Buying a commercial property - legal essentials you need to know

Navigating Commercial Property Purchases for Australian Businesses In this episode of Business Know How, host Melissa Bush offers practical legal guidance on buying commercial property in Australia. Covering topics such as different property types, due diligence steps, essential legal frameworks, and future planning, Melissa aims to equip business owners with the knowledge to make informed and strategic property investments. With over 30 years of legal experience, she emphasizes understanding key laws and obtaining independent legal advice, ensuring business owners are well-prepared for this significant financial and strategic move. 00:00 Introduction to Business Know How 00:58 The Importance of Buying Commercial Property 02:07 Types of Commercial Properties 04:14 Due Diligence in Property Purchase 05:34 Zoning and Planning Considerations 06:08 Finance and Tax Issues 06:55 Future Planning for Your Business 08:27 Case Study: Sinks Land Developments 10:07 Legal Framework in New South Wales 13:32 Key Takeaways and Conclusion Download our Buying Property Checklist. Core NSW Property & Conveyancing Laws Conveyancing Act 1919 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1919-006Governs contracts for sale, deposits, settlements, and property transfers. Real Property Act 1900 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1900-025Covers the Torrens Title system, land registration and dealings. Retail & Leasing Retail Leases Act 1994 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1994-046Sets out rights and obligations for landlords and tenants of retail premises, including disclosure requirements. Planning & Zoning Environmental Planning and Assessment Act 1979 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1979-203Provides the framework for zoning, development approvals and planning certificates (Section 10.7). Local Government Act 1993 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1993-030Outlines the role of local councils in land use, development approvals and compliance. Strata and Shared Ownership Strata Schemes Management Act 2015 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-2015-050Covers the management and operation of strata schemes, owners corporations, levies and by-laws. Strata Schemes Development Act 2015 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-2015-051Regulates the subdivision, consolidation, and redevelopment of strata lots. Finance, Tax & Duties Duties Act 1997 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1997-123Covers stamp duty payable on property transfers. Land Tax Management Act 1956 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1956-026Sets out land tax obligations and exemptions. Taxation Administration Act 1996 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1996-097Provides for the administration of NSW state taxes, including duties and land tax. National / Corporate Context Corporations Act 2001 (Cth)https://www.legislation.gov.au/Series/C2004A00818Governs company operations, director duties and execution of documents (relevant to guarantees and contracts). Australian Consumer Law (Schedule 2 to the Competition and Consumer Act 2010 (Cth))https://www.legislation.gov.au/Series/C2004A00818Provides consumer protections that can, in some cases, apply to small business transactions. Optional Extras Building and Construction Industry Security of Payment Act 1999 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-1999-046Relevant if you intend to build or renovate after purchase. Work Health and Safety Act 2011 (NSW)https://legislation.nsw.gov.au/view/html/inforce/current/act-2011-010Outlines obligations for maintaining a safe workplace on your premises.