A Business Conveyancer in South Australia is a licensed and qualified professional who can provide information and advice about the sale or purchase of a business. They can prepare supporting legal documentation for the sale transaction representing either the Vendor or the Purchaser during the settlement process of a business and or associated property.
When a Business Sales Contract has been prepared by the Business Broker both the Vendor and Purchaser will then appoint their own independent conveyancer to act on their behalf with the settlement of the business.
The Business Broker will provide to the conveyancers all contract documentation along with a list of information and instructions called a “Story Sheet” which will enable the conveyancer to proceed with the settlement.
A myriad of issues may arise in the sale or purchase of a business including (but not limited to):
- Going Concern Compliance
- Form 2
- Financial Institutions
- Landlords, Agents and all lease obligations/documentation i.e. lease transfer or provision of a new lease
- Searching of Personal Properties Securities Register (PPSR) for loans or charges against equipment
- Employee entitlements adjustments for Long Service Leave, Annual Leave and Personal Leave
- Trademark / patent
- Liquor licensing
- Franchise & business name & company name transfers
- Outgoings associated with the business
- Transferring of any contracts that enable the business to function
- Special Conditions and Other Terms that form part of the contract
As the settlement date approaches, the conveyancer prepares a Settlement Statement showing
- Adjustments of rates and taxes and other outgoings
- Purchase Price
- Deposit Paid
- Estimated Stock Value (final value as close as possible to settlement)
- Staff Entitlements Adjustment
- Amounts payable on loan or rental agreements
- Rental Adjustments
Prior to settlement the conveyancers will request funds required by the purchaser, these may change slightly on the morning of settlement due to variations to stock levels
Once the settlement has occurred the conveyancer will then advise their respective clients along with the Business Broker in writing.