With a focus on commercial, residential and mixed-use, our property team delivers the certainty you need. Whether you are purchasing your first property or are a property developer, an investor or a landlord, we’ll protect your interests.
Our expertise includes:
- Buying or Selling Property
- Buying or Selling a Business
- Commercial + Retail Leasing
- Liquor Licensing
- Finance Negotiation
- Joint Ventures
- Contract Review
- Off-the-Plan Developments
- Subdivisions
- Transfer of Properties
- Planning + Development Agreements
Selling a Business
Unlike property sales, there is no requirement for an Agreement for Sale of Business to be prepared prior to the business being offered for sale.
Once the terms of a sale have been negotiated, you or your agent should provide your solicitor, and the solicitor acting for the purchaser, with details of the sale by way of a “Sales Advice” Notice.
When this Notice is received, Sanford Legal will prepare the Agreement and forward it to the purchaser or their solicitor.
When the agreed terms have been finalised, all Agreements will be exchanged and the Agreement is then binding on both you as vendor and the purchaser.
Here’s what you should consider when negotiating the terms of the sale
- Sale price and time for completing the sale from the date agreements have been exchanged
- Apportionment between the goodwill, plant and equipment. Remember to obtain advice from your accountant regarding this.
- Period of training, if any, you are prepared to provide the purchaser both after exchange and/or completion.
- Any restraints which will restrict you from operating and/or working in a similar business to the business being sold within an agreed distance and for an agreed period of time.
Once the above terms have been agreed upon Sanford Legal will, begin preparing the Agreement which will include a list of all plant and equipment, a list of any existing business employees, the registered business name details and copy trademarks etc.
Sanford Legal will then proceed to do the following on your behalf –
- Exchange contracts;
- Answer questions on business titles;
- Arrange for the execution of all transfer documents by you;
- Take your instructions in relation to the discharge of any mortgage or charge against the business;
- Arrange for execution of any transfer/assignment of lease documents; and
- Arrange and attend to the settlement.
Contact Sanford Legal today for a no obligation fee estimate.