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As seen in the Men in Busi­ness fea­ture in Port Mac­quar­ie Focus Mag­a­zine, August 2018.

If some­one is plan­ning to sell their busi­ness, what are some of the key legal con­sid­er­a­tions they should pay atten­tion to?

When you are sell­ing a busi­ness that you have worked hard to build, you want to ensure that you max­imise your return.

Full dis­clo­sure and cer­tain­ty about what you are sell­ing and what your oblig­a­tions are after com­ple­tion is crit­i­cal. Under­stand your restric­tions on car­ry­ing on a sim­i­lar busi­ness.

You cer­tain­ly don’t want to risk any ben­e­fits of sell­ing by hav­ing your buy­er suc­cess­ful­ly claim against you.

Make sure you do not have ongo­ing oblig­a­tions under your lease. The last thing you want is for your old land­lord to be chas­ing you for rent your buy­er hasn’t paid.

Above all, seek out good advice on this mat­ter from some­one you trust.

What are some of the legal com­plex­i­ties involved in com­mer­cial leas­ing that some peo­ple may not be aware of?

This depends on whether you are the Lessor (‘Land­lord’) or Lessee (‘Ten­ant’) and whether the use of the prop­er­ty falls with­in or with­out the Retail Leas­es Act, 1994.

The Less­er as the prop­er­ty own­er will want to be cer­tain that there is a bind­ing and legal­ly enforce­able Lease in place which clear­ly sets out the oblig­a­tions of the Par­ties and pro­vides cer­tain­ty as to the rela­tion­ship mov­ing for­ward.

They will need to be clear on who main­tains what, whether out­go­ings are payable in addi­tion to the rent and what the con­di­tion the prop­er­ty needs to be left in at the end of the Lease.

The Lessee needs to clear­ly under­stand the oblig­a­tions imposed on them, the rent review mech­a­nism, whether the use of the prop­er­ty is legal, whether there is any demo­li­tion clause in place and who main­tains essen­tial ser­vices such as air con­di­tion­ing, fire safe­ty equip­ment and any grease trap.

One of the most impor­tant points to note is that there is no gener­ic or stan­dard tem­plate Lease doc­u­ment that can be used on a ‘set and for­get’ basis. Each Lease needs indi­vid­ual draft­ing to cov­er its unique cir­cum­stances.

What is the dif­fer­ence between using a con­veyanc­ing lawyer ver­sus a con­veyancer in a res­i­den­tial prop­er­ty sale?

The role of a Solic­i­tor or a Con­veyancer in the sale or pur­chase of real estate is to ensure the cor­rect legal trans­fer of the prop­er­ty from the ven­dor to the pur­chas­er.

The major ben­e­fit of using a Solic­i­tor for your con­veyanc­ing is that due to our legal train­ing, we are able to assist you with a wider range of more com­plex issues that may arise around prop­er­ty law.

Estab­lish­ing a good rela­tion­ship with an expe­ri­enced Solic­i­tor who has a wide breadth of exper­tise and train­ing means you’ll have the ben­e­fit of our advice across a range of oth­er legal issues as well.

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