Pro-actively working through challenges to complete Purchase transactions

February 26th 2020

We were approached by a client who had an interest in purchasing a commercial unit that had received quite a bit of interest from other potential buyers. Expectantly, this had added pressure to the case by placing a very short time frame on the completing the transaction.

During the transaction, it had become apparent that the property had cut-edge corrosion, which is damage to the cladding on the building. The current tenant had the benefit of a photographic schedule of condition, meaning that the onus for repairing the damage fell on our client. The client entered into a negotiation for a better offer on the property due to the damage and instructed us that it would likely be aborted if a favourable outcome was not reached. After a slight delay, our client had instructed her to proceed with the transaction as quickly as possible, as a new price had been agreed upon.

We immediately actioned searches and started the process of reviewing all the documents. At this point, a further issue had arisen in that each unit on the commercial property was sold with a portion of the private estate road included in the agreement, leaving uncertainty as to the rights of access for the main property. After thorough investigation of the larger property, it was found that provisions had indeed been made for this.

Our commitment to our client not only allowed the client to close the transaction within a very short time frame, but also addressed a variety of issues that cropped up, quickly and effectively.