Tag: Assets

Trusts

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November 30, 2009

What are the essentials of a Trust;

* Settlor

* Assets

* Trust deed document

* Trustees

* Beneficiaries.

The Settlor must be over the age of 20. It can also be a Company or another Trust, and you can have more than one Settlor.

Trustees can be anyone who can own property.  Trustees are given a big responsibility and must ensure they are familiar with the terms of the Trust this includes record keeping of decisions and actions. Trusts also allow for an independant Trustee to be appointed.

Beneficiaries these are the people who will benefit from the trust. If the Trustees breach any obligation the Beneficiaries can take legal action.

Stay posted :}

: Property Conveyancing News, Uncategorized
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Trusts

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November 23, 2009

Trusts – a Trust deed is a legal document creating a relationship between a person who places assets under the control of a Trust for the benefit of people or for specific reasons. The person placing assets in the trust are known as the Settlor, the control of the assets under the trust are known as the Trustee and the people who are to benefit are known as the Beneficiaries.

The assets transferred to the trustees becomes their property, but it is for the benefit of the beneficiaries. Trustees have a legal obligation to deal with the assets of the trust in accordance with the trust deed. Generally there will be more than one trustee of a trust.

Stay posted for more general advice around trusts. Warm regards Kim

: Property Conveyancing News, Uncategorized
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Buying a Business

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November 8, 2009

Following on from my previous blog:

* You should ensure you have access to the business before settlement to be introduced to the clients.

* The Sales and Purchase Agreement should state that risk of the assets passes from the Seller to you on settlement and possession date.

* What type of insurance will you require – Public Liability, Business Insurance, Plant and equipment, Motor Vehicle. Ensure you list everything and obtain the appropriate quotes, generally through a Broker.

* What costs are to be apportioned between you and the Seller at settlement – Rates, Rent, any Licencing fees.

* Will there be a Restraint of Trade – You are entitled to restrain the Seller from competing against you in a similiar type of business generally for two years, and within a certain radius from the premises.

* What types of conditions are required in the Sales and Purchase Agreement – Subject to Finance, Landlord consent, Land Information Memorandum, Due Diligence, Confirmation of accounts.

* Are there any franchise or licence agreements to be assigned.

Stay posted for the final blog regarding purchasing a business. Warm Regards Kim

: Property Conveyancing News, Uncategorized
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