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(07) 4721 0488

13 Bundock Street, North Ward Qld 4810

Guide for Sellers – Commercial Property

meetingDating the Contract

Usually the seller is the last party to sign the contract.

Often the last party to sign the contract will also date the contract and notify the other party. Legally, there is no binding contract until the other party is notified of the signing. Until then the other party can pull out by withdrawing their offer.

Guarantors

If the buyer of the business is a company it is good kosher to have a person, usually a director of shareholder, to guarantee the company’s performance under the contract. Having either a director or shareholder guarantee a company’s performance under a contract is especially important when the company purchasing the business is a shelf company.

Apportioning the Purchase Price

Because there are tax consequences depending on how the purchase can be apportioned it is important that the seller speaks to their own accountant about this.

Plant and Equipment

If there is plant and equipment being transferred as part of the sale, it is essential that a full and comprehensive list be prepared and detailed in the contract. It is also equally important where the seller is aware that some plant and equipment is faulty or malfunctioning that the buyer is made aware of this and such faulty or malfunctioning equipment is detailed in the contract.

Employees

This is a very important aspect that most parties overlook when negotiating and preparing a business contract. Because of the potential liabilities a party can incur it is important that legal advice be sought before entering into a contract about employees.

Please contact us to find out more or to discuss our fixed fees and disbursements.

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Contact Us

13 Bundock St, North Ward Q 4810

PO Box 1906, Townsville Q 4810

Phone: 07 4721 0488

Fax: 07 4721 0588

Email: admin@nqlegal.com.au

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