When it comes to selling, an owner can play a key role to ensure that the lease assignment process moves quickly and in accordance with the Act.
(Retail Leases Act 1994 NSW).
Here's what you can do to help expedite your sale:
⭐️1. Contact your Landlord
🔸If you have a relationship with your landlord, and/or property manager, the courtesy of advance notice and open communication will go a long way; and will help immeasurably when going through the sale process.
⭐️2. Submit Documents Quickly
Provide your landlord/agent with:
🔸A written request to assign your lease
🔸A completed Assignor’s Disclosure Statement
🔸Details of the proposed Assignee’s financials and business experience
⭐️3. Work with your Buyer
🔸Help the buyer provide all necessary documents, and supporting information such as financial information, CV's and a business plan.
⭐️4. Anticipate Potential Obstacles
🔸Resolve any property/maintenance issues prior to going to contract.
🔸Ensure all current lease obligations: rent, outgoings etc. are up to date.
⭐️5. Seek Professional Help
🔸Engage a solicitor and a business broker, who understand both you and your business, to ensure everything is handled correctly.
By taking these steps an owner can help speed up the process to Transfer a Lease during a Business Sale, and minimise the timeframe between exchange of contracts and completion.
If you have a business that you are thinking of selling, or perhaps you just want to discuss the process of selling a business, please contact us using your preferred method, or you can book an appraisal with us using the link below:
⭐️Book your Business Appraisal:⬇️
Barn Wilkes
Director | Licensee
Retail Business Hospitality Brokers
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