Just as when buying a house, if you buy a business there is conveyancing to be done if you are also buying the property the business is situated on. However, this is not always the case; in fact it is more likely that you will be purchasing a business – the rights, responsibilities and assets – and taking over the lease for the premises rather than buying an actual building or real estate. In either case it is essential to have a commercial lawyer look over all the contracts and ensure they are all in order.
When there is real estate such as land and buildings involved in buying the business it becomes a more complicated process because all the assets, rights and responsibilities are purchased along with the property. This means conveyancing is needed to transfer the land title into your name as well as the other components.