All Topics / Commercial Property / Contract different for commercial property? (Vic)

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  • Profile photo of diclemdiclem
    Member
    @diclem
    Join Date: 2003
    Post Count: 537
    June 8, 2010 - 11:22 pm

    Hi.
     Going to look at small factory for personal use.
    Have never bought commercial before.
    Is the contract of sale different in Victoria?
    Or is it the same as residential, with a Section 32?
    Any significant difference I should know about?
    Thank you

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    June 9, 2010 - 2:13 am

    The conditions of contract will generally be the same as the residential contract other than the provisions for gst, land tax etc. It will be unlikely that if it is a vacant building you could get out of the gst (however you will be able to claim it back in your next BAS), likewise the vendor will be seeking to share the balance of land tax on the property.

    Profile photo of diclemdiclem
    Member
    @diclem
    Join Date: 2003
    Post Count: 537
    June 9, 2010 - 3:49 am

    Thank you for your comments, much appreciated :)

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