Key considerations when buying a new premises

With commercial property on the rise,  Karen Walsh, solicitor, outlines the main issues to consider before acquiring a new business premises

With some good commercial property opportunities currently on the market, business owners should give thought to a number of key questions before buying.  Picture: iStock

There has been a sharp decline in commercial sales in Ireland due to the pandemic. Now could be a valuable opportunity for a business to acquire a new premises for good value. Commercial premises can be sold via auction or by way of private treaty.

If you are availing of a commercial loan contact your solicitor and engage them to act upon your behalf and advise them of the property that you intend giving the bank as security for the loan and give them a copy of your letter of loan offer. Your solicitor will need to carry out a full investigation of title of the property that you intend giving to the bank as security and prepare the loan documentation.