Selling your Rent Roll Privately

Selling your Rent Roll Privately.

Today I’ve had another private seller contact me wanting help with their contract. Generally I don’t mind assisting except when it comes to asking for access to my systems, that’s a part of the real value we provide.

However the question, “isn’t that part of a normal contract” or “what is normal in this situation” left me pondering about those questions.

When selling a rent roll there is no normal.

A contract is unique to every sale. It defines in writing what the Buyer and Seller agree to verbally with the assistance of their Solicitor, Accountant, possibly Bank Manager and of course the right Broker such as Real Estate Agency Sales. In each sale, the terms may be different. These terms may not just be defined by the Price, Deposit, Settlement dates, Due Diligence or Restriction conditions, they may also include numerous other matters and the exact wording of these Conditions in the contract may effect how they can be implemented.

Therefore by not being a party to the contract it is difficult to provide advice in many matters of a private sale.

Recently I had a call from a Seller who chose to sell privately, thinking he would be better off by saving on the commission of using our services. He rang to let me know he’d made a big mistake and wished he had used us. He lost managements in the transfer and the contract had left him open to misinterpretation and misrepresentation.

Some Principals feel they can sell themselves because they will have a Solicitor representing their interests however I learnt the hard way when I sold my office that not all Solicitors know or are experienced with the sale of a Rent Roll and the unique matters that occur in such a transaction.

A Rent Roll sale is unlike other business sales.

Solicitors specialise in varying areas of Law. If you are selling a Rent Roll you should ensure you use a qualified specialist Commercial and Business Lawyer who understands and has vast experience in dealing in Rent Roll sales. We would recommend talking with Jeremy Streten from Streten Masons Lawyers.

Our contract template has been carefully drafted over many years to reflect all the pertinent matters of a Rent Roll sale. Our systems, including relevant letters and materials to assist Sellers and Buyers, have also been designed over many years and are only available to Clients who choose to engage our services.

If you have sold privately please feel free to contact me if you need help but just understand by not being privy to what has been agreed to between the parties, what has been written into the contract and how it is worded it is difficult to provide solutions.

Contact Kevin Hockey at Real Estate Agency Sales any time on 3266 4242 or email kevin@reas.com.au

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