A commercial lawyer along with a business consultant is the best person to provide professional legal advice for any conveyancing work when purchasing a business. Conveyancing is the transfer of a land title from the seller to the buyer and is the last chore in a long list of things to be done when purchasing real estate. Not everyone will need to purchase the land and buildings when buying a business because often these are leased and you just take over the lease in order to continue running the business.
However, in some cases it is necessary to also buy the real estate which consists of land and buildings, but is generally referred to as property. Sometimes you simply purchase the property with no business and you then have to have a suitable building erected and apply to startup your own business there. Since these proceedings can take many months, most people prefer the property lease option.
If you do go the route of purchasing property it can be dealt with by a conveyancer, but they are not legally allowed to give financial advice or do legal work that is not considered to be part of the property transfer. What can they do?
- Prepare agreements to do with the conveyancing
- Complete transfers
- Draw up leases
- Deal with mortgages
It is far safer for a business owner to have commercial lawyers attend to the conveyancing so that if any legal work comes up that is not directly to do with the actual conveyancing, there will be someone who can tackle it and solve the issues on your behalf. They can also offer financial advice and generally help you in areas where your own knowledge is lacking.
A business owner who has a lawyer by his or her side can have peace of mind that they will not put a step wrong when making decisions and implementing them.
The lawyer will know a great deal more than the conveyancer. Even if the conveyancer does know more than is necessary for the actual transfer of the property, they are not allowed to tell you or advise you without being a licensed lawyer.
When you start up a business there is a great deal to do and many legal proceedings to get through that only a lawyer can address. They have trained for many years so that they can know exactly the best ways in which to help you and ensure your business has everything it needs legally, in place to be successful.
Without their help you would never know if your business was even set up legally and then at tax time you might find something was really wrong. A lawyer can also give a lot of input into the running of your business so that you can cut costs legally.