Much like a residential transaction, a commercial transaction will follow many of the same key steps. The broad overview can be summarised as follows:
1. A contract pack will be issued by the seller’s/landlord’s solicitor;
2. The purchaser’s/tenant’s solicitor will raise enquiries, including by reference to the commercial property standard enquiries;
3. The purchaser’s/tenant’s solicitor will review the replies to enquiries and the title to the property and report to their client;
4. The purchaser/tenant will put their solicitor in funds for completion;
5. The respective solicitors will complete the transaction; and
6. The purchaser’s/tenant’s solicitor will deal with the registration of the transaction at HM Land Registry (if applicable).