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There are many legal considerations to be taken into account when buying or selling a business and negotiating commercial leases in conjunction with the purchase or sale of the business. Matters such as protection of intellectual property and goodwill of the business, restraint of trade, title to the business, tied house agreements and ensuring the effective transition of the business to the new owner through engagement of existing business management for a period of time have to be carefully considered.
In relation to commercial leases legal advice should be obtained in relation to whether the Retail Leases Act applies and the effect of that Act upon the obligations of the parties, whether the rent is gross or net of outgoings, the nature of outgoings and the total cost of outgoings throughout the term of the lease, whether the lease includes an option to renew, commencement rent, rent reviews during the term of the lease and for the commencement of any renewed term.
For assistance on Commercial Law please contact us.
Hannams Solicitors are your local family solicitors. We cover all areas of Sydney including the Northern Beaches, North Shore and the Hills District. Call us today to discuss your legal needs.