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|Posted on December 17, 2014 at 7:07 PM||comments ()|
Rehayem Investments v Harfish  NSWSC 1485
REAL PROPERTY - sale of land - whether contract for sale of land validly
terminated - whether notice of termination effective - where notice to
complete authorised by special condition of contract - where first defendant
failed to complete contract in accordance with notice to complete
|Posted on December 17, 2014 at 6:30 PM||comments ()|
Don’t leave it until the last moment
A reminder that (where appropriate) a valid swimming pool compliance certificate must be attached to Contracts exchanged on or after 29 April, 2015.
The Dept of Local Government has noted on its website that there is anecdotal evidence that up to 95% of pools are non-compliant on first inspection and that it takes 90 days on average to bring a pool into line and for a certificate to
We therefore encourage new vendors clients to take steps to ensure their pool is
compliant in case they don’t get the quick sale they are hoping for. January and to an extent February are notoriously quiet months in the building trade which may cost an owner much needed time.
|Posted on December 17, 2014 at 6:25 PM||comments ()|
2014 Contract for Sale of Land
The new Contract is now available for purchase through the Law Society’s ECOS website (http://lawsociety.com.au/ECOS/index.htm ). Any queries regarding the ECOS website should go to the Law Society at [email protected]
The Law Society has advised that the 2005 edition of the Contract will remain available for purchase either electronically or in the blue hard copy format until at least the end of 2015.
|Posted on December 17, 2014 at 6:16 PM||comments ()|
As anticipated, the Home Building Amendment Act 2014 has received Proclamation and will commence in stages in Jan 2015. For the relevant dates see the Proclamation at: http://ow.ly/FLMVA
The Home Building Regulation 2014 has received assent and can be found at: http://ow.ly/FLNbO
The Home Building Amendment Act 2014 can be found at: http://ow.ly/G1g9j
|Posted on July 13, 2014 at 11:47 PM||comments ()|
Analyze why you want to buy a business. Are you looking for greater independence or the possibility of increased income?
Consider your background. It’s more likely you’ll do well if you choose a business you’re familiar with. Are you interested in a specific product, or an operation that’s service-oriented?
Step 3Check Web sites such as BusinessesForSale.com to find interesting companies, and contact local business brokers to identify companies that may be on the block.
Step 4Perform a complete financial review of the business. This will typically include the company’s past income statements, balance sheets, and statements of cash flow, as well as its projected financials going forward. Look closely at all liabilities; as the new owner you are inheriting the company’s debt as well as its business. Work closely with an accountant familiar with businesses in the same field.
Step 5Get a Dun & Bradstreet (dunandbradstreet.com) credit report on the company to evaluate its track record and to double-check its reported numbers.
Step 6Ask for a due diligence package, which should include past tax returns, any significant contracts the company has signed (including office or store leases) and any employee or contractor agreements. It will also include legal documents, such as filings, articles of incorporation and any past or pending lawsuits the company is involved in. Work closely with a lawyer to evaluate these and other documents.
Step 7Ask why the business is for sale. Is the current owner retiring, or hoping to pass off some ongoing problem–or worse, a fatally flawed business or location–to an unsuspecting buyer?
Step 8Focus on the problems. It’s easy to be blinded by the appeal of a business, but pay just as much attention to the flaws. Are they correctable or likely to be a constant headache?
Step 9Observe the business. If you’re considering buying a restaurant, for example, watch the customer traffic for a week to see if it measures up to the revenue the current owner claims. Talk to customers to get their honest take on the product or services.
Step 10Use a business broker or consultant if you feel you need some help locating potential businesses for sale or determining if the asking price is reasonable.
Step 12Determine a valuation for the business. Most industries have a standard method and concentrate on a multiple of the previous year’s revenue (the exact multiple will depend on the industry). If the business has a lot of capital equipment (a manufacturer, for example), the market value of the equipment is taken into account. Fast-growing businesses in a hot market are usually valued higher, as future potential is factored into the selling price.
Step 13Ask if the current owner will consider financing part or all of the sale. That can mean a low down payment and an attractive payment schedule for you.
Contact your Conveyancer to inspect the Contract for Sale of Business and to take care of the legal side of the deal. If you think we can be of further assistance call us on 02 9644 1551.
|Posted on July 13, 2014 at 10:43 PM||comments ()|
Here are five more tips to help you form a winning auction strategy:
1 - Boost your knowledge
“This will also give you a realistic insight into the prices properties are advertised for and the prices they actually sell for. Before you attend the auction, ensure that you have a plan including knowing when you intend to commence bidding and at what price point you should stop.
“If you have any questions about the auction rules, ask the agent in attendance.”
Buyers agents will tell you that confidence goes a long way on auction day. They often recommend that you position yourself where you can be seen and heard by all. Your bids should be loud and clear.
“You need to control your emotions at auction because emotions will cost you money,” says founder of EPS Property Search, Patrick Bright. Bright suggests that auctions aren’t for everyone and that if you’re at all nervous it’s a good idea to have someone else to bid on your behalf.
3 - Get a feel for the numbers
“If you blow your limit, your dream home can become your nightmare liability as you struggle to make mortgage repayments that are more than you budgeted for,” says Bright.
4. Be organised
All of these tips boil down to being organised. From taking the time to learning about the suburb you’re interested in, to preparing your finances, then checking your ability to secure a home loan and getting to the auction early, it all helps build your game plan.
5. Contact a Conveyancer
Contact a Conveyancer to inspect the Contract for Sale of Land before Auctions and to take care of the legal side of the deal. If you think we can be of further assistance contact us on 02 9644 1551.
|Posted on July 13, 2014 at 10:24 PM||comments ()|
Strong price rises seem to have thrown off many prospective buyers lately, particularly first home buyers. Their struggles, alongside the idea that cashed-up investors are crowding auctions, have contributed to an ongoing story line of Sydney’s property boom. But is it a boom across the board?
According to the Real Estate Institute of New South Wales president Malcolm Gunning, the idea of a boom market isn’t all that it seems.
“The reality is that all areas of the residential property market are not booming,” says Gunning. “The majority of the boom we are seeing is at entry level, which is pricing first home buyers out of the market in the Sydney metropolitan area as well as Wollongong and Newcastle.
“Properties in the affordable prestige market, starting at around $2m, are only now beginning to see signs of recovery. Renewed business confidence and the green shoots of a strengthening NSW economy mean that there are opportunities for those hoping to enter the affordable prestige market.”
This at least bodes well for those who can afford to deal at the upper end of the property market because according to Harvey, Sydney’s market doesn’t traditionally drop or ‘correct’ much. He does expect the market will rise all year but eventually plateau once the talk turns to interest rate rises again.
Homeowners need their own strategy
For homeowners looking to move right now, the rising market presents its own set of challenges. Director of EPS Property Search, Patrick Bright says because prices are rising quickly it’s important to avoid the trap of selling before you’ve found a new home.
In this type of market it’s best to buy before you sell but only after you know what your current home is worth, says Bright.
We can be of further assistance when it comes to responding to any of your queries contact us on 02 9644 1551.