If you are selling your business you may need to arrange an assignment of the business property lease to the new owner.
You Assignment of Lease Contract will transfer all right and obligations to the new owner.
Once your Assignment of Lease is approved by the landlord you will be protected from any future claims relating to the property lease.
Read more at Rental Agreements DIY Australia.
Assignment of Lease Agreement Contract
Saturday, 11 October 2008
Sunday, 5 October 2008
Old Herb and a pile of dollars
I had a call from Herb a few nights ago. He had that great sounding Queensland country drawl.
Herb is 73 years old. He was ringing about our Commercial Property Lease Agreement. He had sold his business as a going concern and kept the property to get the continuing income from the rent. I imagine this is a retirement strategy for many small business owners.
It was fairly late Saturday evening when he rang. He said, "I didn't think anyone would be there".
Old Herb started to tell me about how he has just sold his business and let the people move in without organising a lease agreement for the premises. He wasn't concerned about it but the buyers of the business, quite rightly, wanted an agreement in place.
The new owners of the business need to be severely scolded for taking such a huge risk. Their enthusiasm to get started on their business empire has left them extremely vulnerable.
What if old Herb got lucky last night?
He is probably sitting on a nice pile of cash from the business. The word would have gone round the local Country Women's Association that Herb suddenly looks better than he has for years. It is highly likely Herb is being targeted by a bevy of blue-rinse sirens. That sound you hear is fan forced ovens pumping out pumpkin scones and lamingtons. Herb could be in for an exhausting couple of months.
He already told me he had heart palpitations when his solicitor told him it would be around $900 to draw up a commercial lease.
If Herb dies with a smile on his face before the lease is organised, the new business owners could be in all sorts of trouble. Whoever inherits may want to bulldoze the property and being Queensland, will probably put in a canal development.
If the business is successful because of its location, that may be the end of things. Sure they can getting involved in legal action but what a waste of energy.
The purchaser of the business should have looked at our Sale of Business Kit before handing over any money to Herb. Just by looking at the page and seeing the list of contracts included in the kit you get an overview of what to be aware of and some questions to ask the seller.
A Sale of Business Agreement is rarely the only document you will need.
Here is a list of the other document templates included in the Sale of Business Kit.
Secured Loan Agreement
Confidentiality Non-Disclosure Agreement for Sale of Business
Assignment of Lease Agreement
Commercial Property Lease Agreement
Commercial Property Sublease Agreement
Business Lease Agreement
Option to Purchase Real Estate Agreement
Partnership Dissolution Agreement
Sale of Partnership Interest Agreement
Consultancy Agreement
General Partnership Agreement
So I wish Herb luck in his retirement. We have all heard that young bull, old bull joke. I hope Herb has a bit of old bull in him.
Herb is 73 years old. He was ringing about our Commercial Property Lease Agreement. He had sold his business as a going concern and kept the property to get the continuing income from the rent. I imagine this is a retirement strategy for many small business owners.
It was fairly late Saturday evening when he rang. He said, "I didn't think anyone would be there".
Old Herb started to tell me about how he has just sold his business and let the people move in without organising a lease agreement for the premises. He wasn't concerned about it but the buyers of the business, quite rightly, wanted an agreement in place.
The new owners of the business need to be severely scolded for taking such a huge risk. Their enthusiasm to get started on their business empire has left them extremely vulnerable.
What if old Herb got lucky last night?
He is probably sitting on a nice pile of cash from the business. The word would have gone round the local Country Women's Association that Herb suddenly looks better than he has for years. It is highly likely Herb is being targeted by a bevy of blue-rinse sirens. That sound you hear is fan forced ovens pumping out pumpkin scones and lamingtons. Herb could be in for an exhausting couple of months.
He already told me he had heart palpitations when his solicitor told him it would be around $900 to draw up a commercial lease.
If Herb dies with a smile on his face before the lease is organised, the new business owners could be in all sorts of trouble. Whoever inherits may want to bulldoze the property and being Queensland, will probably put in a canal development.
If the business is successful because of its location, that may be the end of things. Sure they can getting involved in legal action but what a waste of energy.
The purchaser of the business should have looked at our Sale of Business Kit before handing over any money to Herb. Just by looking at the page and seeing the list of contracts included in the kit you get an overview of what to be aware of and some questions to ask the seller.
A Sale of Business Agreement is rarely the only document you will need.
Here is a list of the other document templates included in the Sale of Business Kit.
Secured Loan Agreement
Confidentiality Non-Disclosure Agreement for Sale of Business
Assignment of Lease Agreement
Commercial Property Lease Agreement
Commercial Property Sublease Agreement
Business Lease Agreement
Option to Purchase Real Estate Agreement
Partnership Dissolution Agreement
Sale of Partnership Interest Agreement
Consultancy Agreement
General Partnership Agreement
So I wish Herb luck in his retirement. We have all heard that young bull, old bull joke. I hope Herb has a bit of old bull in him.
Saturday, 4 October 2008
Are some tenants too much hard work?
You may have seen my page on Tenancy Laws in Australia. It summarises the various rules relating to residential tenancy. It has become a very popular page on the Rental Agreements DIY Australia website.
Both landlords and tenants use the page for reference and occasionally ring or email me with some kind of query relating to their rental situation. We are not legal advisors so I refer them to the relevant state or territory authority. Some want to tell me their story anyway, just to vent about their problems.
I got my first abusive email in a year last night. The complaint was about me saying "Sometimes you just want the current tenant out because they are too much hard work." The person, a tenant with some landlord repair issues, let me have it. He suggested I was immoral for putting that text on my webpage. He said it impacted him because landlords can kick tenants out for complaining. He certainly took what I said personally.
The offending quote is from our Ending a Residential Tenancy page. It gives some information about ending Australian tenancies and there is a little bit of practical advice for landlords about the process.
He must be a fine judge of character as all the descriptive terms he used for me I have heard often before. In fact, if he needs some support I can give him a list of people who will agree with him. For the record my parents were married.
Had a chat with my darling wife to tell her I had been abused. She gave me a hug and a pat on the head to make me feel better.
We then started to reminisce about some of the more memorable tenants we have had over the years. It did not take us long to reinforce the statement that some tenants ARE definitely too much hard work. Read our "Killer Door Death Squadron" article for one example of too much hard work. Thankfully there were not too many stories like this. Most of our tenants have been great.
We have a few pages to help landlords have a fruitful relationship with tenants.
Finding the right tenant
Beginning a tenancy
Settling tenancy disputes
Ending a tenancy
The Sydney Morning Herald reviewed our website and said about these pages - "Here's something for the first time property investor; a sometimes funny guide to the legalities of becoming a landlord and other issues associated with renting out properties."
We also have a free tenancy application form in word and pdf format. Download it now for free.
Both landlords and tenants use the page for reference and occasionally ring or email me with some kind of query relating to their rental situation. We are not legal advisors so I refer them to the relevant state or territory authority. Some want to tell me their story anyway, just to vent about their problems.
I got my first abusive email in a year last night. The complaint was about me saying "Sometimes you just want the current tenant out because they are too much hard work." The person, a tenant with some landlord repair issues, let me have it. He suggested I was immoral for putting that text on my webpage. He said it impacted him because landlords can kick tenants out for complaining. He certainly took what I said personally.
The offending quote is from our Ending a Residential Tenancy page. It gives some information about ending Australian tenancies and there is a little bit of practical advice for landlords about the process.
He must be a fine judge of character as all the descriptive terms he used for me I have heard often before. In fact, if he needs some support I can give him a list of people who will agree with him. For the record my parents were married.
Had a chat with my darling wife to tell her I had been abused. She gave me a hug and a pat on the head to make me feel better.
We then started to reminisce about some of the more memorable tenants we have had over the years. It did not take us long to reinforce the statement that some tenants ARE definitely too much hard work. Read our "Killer Door Death Squadron" article for one example of too much hard work. Thankfully there were not too many stories like this. Most of our tenants have been great.
We have a few pages to help landlords have a fruitful relationship with tenants.
Finding the right tenant
Beginning a tenancy
Settling tenancy disputes
Ending a tenancy
The Sydney Morning Herald reviewed our website and said about these pages - "Here's something for the first time property investor; a sometimes funny guide to the legalities of becoming a landlord and other issues associated with renting out properties."
We also have a free tenancy application form in word and pdf format. Download it now for free.
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