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Contract between a strata manager and a developer for pre-registration services.
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A tailored by-law for your renovation works.
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An agreement from the owners corporation to owners or occupants to supply amenities, such as, electric vehicle charging infrastructure, telecommunication services, window cleaning, garbage disposal and recycling services.
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Posted 23 October 2017
Category: Strata, Management Agreements
A number of legal and practical issues arise when one proposes to acquire a strata management agency business and wishes to obtain the full benefit of the business acquired.
Normally, a prospective purchaser will be concerned about the following issues:
As to the structuring issue, there are also a number of ways in which the business can be structured in the hands of the purchaser, although this will generally involve trading through one or more corporate entities, depending on the size and diversity of the business, often also involving trust structures. This involves tax as well as legal issues and accounting and legal advice, before settling on a structure or acquiring the business, is invaluable. Normally, we proceed on the basis that your accountant has recommended a structure, which we review from a legal perspective, generally involving consideration of limitation of liability and asset protection issues.
As to the ādue diligenceā issue, there are a number of ways in which such an acquisition may proceed, including:
Regardless of which of these applies, the purchaserās primary concern will be in relation to the vendorās agency agreement and proper ādue diligenceā would include at least the following:
If the purchaser acquires the whole of the vendorās business and not just its interest in its agency agreements with its clients, it would also need to consider the following as part of the due diligence process:
If the purchaser acquires the shareholding in the company operating the business, it would also be necessary to investigate and verify the financial position of the company, including its tax and other liabilities.
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.