Tag: Hire Purchase Agreement

Property Conveyancing – What is a Personal Property Securities Register

January 24, 2012

Property Conveyancing – What is a Personal Property Securities Register

If you purchase items on hire purchase, such as fridges, washing machines, electrical goods, motor vehicles, boats, caravans or utilise any type of credit to complete your purchase you will probably find your details have been registered by the secure part on the Personal Property Securities Register (PPSR).

The details registered will include your name, date of birth, address and a description of the purchase of goods.

Please note that the PPSR record does not record the financial details of the transaction such as the amount borrowed or the value of the item/s.

When your information has been registered by either the Lender, Finance Company or Bank you must be sent a copy of the statement unless you waived this right at the time of signing your agreement. So it is always important to read the fine print in any Contract you enter into.

If you notice that any of the details are incorrect you have the right to ask them to be corrected. If you owe money on the items you wish to sell you should not sell them without the written permission of the company you owe the money to as they may require to the debt to be repaid from the sale proceeds. If you do not you risk the person you sold the goods to of a possible repossession by the Creditor.

When an Agreement for Sale and Purchase is completed and the chattels are listed in the Agreement your Conveyancing Practitioner must complete a Personal Property Securities Register Search to ensure the chattels are not subject to any hire purchase agreement. The last thing you want is to have your property conveyancing completed and then discover someone is knocking on the door to repossess items.

For more information visit us @ https://www.propertyconveyancingservices.com or connect with our facebook @ https://www.facebook.com/conveyancingservices.

To your success Cheers Kim

: Property Conveyancing News

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Buying a Business

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November 4, 2009

Before entering into any purchase of a Business you must complete your due diligence. Where to start:

1. What price should be paid? Goodwill, plant, fixtures and fittings and stock will generally make up the price. The price will be broken down into these caterogories in the Agreement with value given to each one.

2. Turnover – check the Financials and have them assessed by your Accountant, not the same Accountant as the Seller. Ensure you are covered by a Seller’s warranty, especially if a turnover figure has increased due to a one off increase in business activity.

3. Are there any patients, trademarks or other intellectual property included in the goodwill and are they dependent on any licenses.

4. Are the premises authorised for the operation of the busines or any changes you may have planned for the business. Make appropriate checks under the Resource Management Act 1991. If the property is leased the Landlord will need to consent to the assignment of the Lease.

5. Fixtures and fittings – includes items such as machinery, vehicles, furniture etc. You should have listed all fixtures and fittings which are to be included in the purchase. Again enquiries will need to be made to check if any of the fixtures or fittings are leased or under a hire purchase agreement as these will need to be paid out at settlement. It would be prudent to check what fixtures and fittings belong to the Landlord to ensure they are not included incorrectly by the Seller.

6. Stock – How is this to be valued? Generally an estimate figure is allocated and the actual value at the close of business on the settlement date is determined by a stock take.

7. Contracts – Are there any contracts such as to buy goods or suppy goods and or services. Ensure these pass to you on terms and conditions as they did for the Seller. Include a condition that the Seller will introduce you to the suppliers and clients. This relationship is very important.

8. Ensure a warranty is included in the Agreement to ensure all debts and liabilities of the business are paid out at settlement.

Stay posted for the next tips on buying a business. Cheers Kim

Tag: Hire Purchase Agreement