Buying or selling a rent roll is more complex than the purchase or sale of most small to medium businesses.
There are many unique issues, hurdles and pitfalls that can confront an inexperienced person. Obtaining the right legal advice is therefore critical to avoid potentially costly mistakes and unnecessary stress.
A solicitor who is inexperienced in this field can hold up the time it takes to finalise a draft contract as they may not be familiar with some of the important terms or conditions in a rent roll contract. Terms and conditions, such as: the optimum amount for retention, retention dates, multiple settlements, restraints of trade on the seller, employees and directors if seller is a corporate buyer, clawback claims on the retention for lost properties, calculation of the purchase price based upon a fluctuating asset, whether the sale is the sale of a going concern and GST free.
There is always the danger also that an inexperienced solicitor may require changes to a rent roll contract which may unintentionally create problems for lenders who are familiar with the rent roll contract in question.
For these reasons, it is prudent to deal only with solicitors who have specific and extensive experience in real estate and rent roll transactions.
Many legal web sites make claims that are difficult to substantiate before giving instructions.
So how do you determine whether a solicitor is the right one for you before engaging them?
- Look for a solicitor with extensive experience in business conveyancing, and in particular the sale or purchase of rent rolls.
- Find out what you can about the firm and the solicitor who will be handling your matter. What credentials do they have and how long have they been in business?
- Will the solicitor will be personally available if you have any questions or queries?
Liability limited by a scheme approved under professional standards legislation
Below is a list of the types of businesses in which Damien has acted for clients:
- Aquariums & Accessories Arts & Crafts
- Backpacker Accommodation Bakeries
- Bicycles Retail Boarding Kennels Butchers
- Cabinet Makers Cates/Coffee Lounges Cakes & Pastry
- Car Rentals
- Car Window Tinting Car Detailers
- Caravan & Tourist Parks Chiropractors
- Child Care Centres Confectionery Business
- Commercial Cleaning Contractors Commercial Line Marking Business Dance Schools
- Dentists
- Desktop Publishing Dog Kennels
- Dress and Clothing Boutiques Dry Cleaning and Laundry Excavator & Earth Moving
- Fast Food/Snack Bars/Takeaways Fencing Business
- Fish & Chip/ Pizza Take Away Floor Covering Business Florists
- Food & General Franchises Food Distribution
- Fruit Juice Merchant/Distribution Gyms/Health & Fitness Centres Holiday Accommodation
- Hotels/ Motels/Taverns
- Hair/ Barber and Beauty Salons Landscape Supplies
- Magazine Distributors Manufacturing Businesses Management Rights Mechanical Car Repairs Medical Practices
- Milk Runs Mobile Catering
- Motor Car Cleaners & Detailers News Agencies
- Nurseries Optometrists Painting Contractors Pawnbrokers Personal Trainers
- Pet Shops, Pet Care & Grooming Petrol Stations
- Photo Copying Printing Pharmacies
- Photographic Equipment & Supplies Post Offices
- Restaurants/Licensed Restaurants Retail Stores
- Retail Automotive Parts & Accessories
- Real Estate Agencies/ Rent Rolls Second Hand Book Stores Shade Structures & Sails
- Sign Writers Smallgoods Distribution
- Supermarkets/ Convenience Stores Swimming Pool Equipment & Spas Travel Agents
- Travel Guide Publications T Shirt Wholesalers
About us
Salerno Law was established in 2003 and now operates Australia wide and internationally.
It is a progressive and dynamic law practice that specializes in a range of fields including business law, commercial law, corporate law, insurance and commercial litigation and conveyancing. Salerno Law is also a general practice with experience and expertise to afford timely, practical and cost-effective advice on a wide range of areas of law. Visit our web site
Our core value of the Human Element in Law is the cornerstone of how we operate. Our commitment to you is that as our client you have the right to expect friendly, courteous, efficient and proactive service from us, at all times and that you will be respected and not taken for granted. You will be given expert guidance and support throughout the process.
LL.B, B.Ec Monash 1972, Graduate Diploma in Public Law, ANU 1985
Member, Queensland Law Society since 1988
Damien has been a lawyer for more than 46 years and has extensive experience in the law, particularly in the purchase and sale of businesses in Queensland and New South Wales, and in leasing matters, both commercial and retail.
For over twenty years Damien has acted for clients who have sold or purchased Rent Roll businesses and has extensive experience in this area.
For 15 years Damien was a lawyer with the Commonwealth Attorney General’s Department in Canberra in various positions, including senior legal adviser to the Repatriation Commission and the Department of Veteran Affairs, Secretary of the Commonwealth Practitioner’s Board and Assistant Registrar of the Commonwealth Administrative Appeals Tribunal. Damien was also a partner for 27 years with Ingwersen & Lansdown Solicitors, Palm Beach.
Damien still has a deep love of the law and an abiding passion in assisting clients.
Damien’s Contact details
Telephone: 07 5575 8011
Facsimile: 07 5676 6774
Mobile: 0411 694489
Address: PO Box 714 Varsity Lakes, Qld 4227
Email: damien@salernolaw.com.au
Contact Information:
QLD Head Office Suite 18 1 240 Varsity Parade I Varsity Lakes OLD 4227 I Australia
T +61 7 5575 8011 I F +61 7 5676 6774
NSW Head Office Level 21 I 133 Castlereagh Street I Sydney NSW 2000 I Australia
T +61 2 9199 4566
WA Head Office 7 Ebony Street I Kununurra WA 6743 1 Australia T +61 8 9169 2206 I F +61 8 9169 2203
Liability limited by a scheme approved under professional standards legislation
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