Commercial conveyancing is the process of legally making someone the new owner of a business estate, including office spaces, buildings, or land. During this property owner transfer, the responsibilities of a commercial lawyer in Bali include:
The commercial conveyancing process involves many steps, from legal due diligence to settlement, to be legally binding. To guide you, here are the phases:
Once a buyer already interested to a property and they agree with the sale price, then a binding agreement should be prepared. This binding agreement is needed by a buyer to examine the property so they could undergo the legal due diligence process before paying further payment after their down payment. The binding agreement is needed by a seller to preparing their right over the property clear i.e. mortgage, transfer of inherited land ownership.
Once the legal due diligence done and its report convincing the buyer to continue the payment then lawyer will ensure the payment made in accordance with the agreement.
Once the final payment made then the buyer and the seller sign the Notarial Sale and Purchase Agreement before the Notary along with the tax obligation for both of the parties. This Notarial Sale and Purchase Agreement will become based by the Land Office to transfer the title from the seller to the buyer.