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 Window Tinting Car Detailers
Caravan & Tourist Parks Chiropractors
Child Care Centres Confectionery Business
Commercial Cleaning Contractors Commercial Line Marking Business Dance Schools
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
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
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.