A rent roll sale is a considerably complex transaction, one requiring specialist knowledge from all parties. Whether you are a seller or a buyer, your solicitor will play a vital role in ensuring a smooth and financially successful settlement.
In this video, Rob Shepley, Director of businessDEPOT Legal, explains the key roles of a solicitor in a rent roll sale, specifically these 4 key tasks.
- To manage the transaction from an accepted expression of interest right through to the end of the retention period. This may span a period of up to a year, depending on the length of the retention period.
- To assist with the negotiation of terms and conditions suitable for the sale. The most instances the general terms e.g. days for finance, due diligence, and settlement may have been agreed upon but there may be more specific terms required which will be reviewed by your solicitor upon receipt of the draft contract.
- Handling any queries or concerns from due diligence investigations. In some instances, there may be some critical points picked up during due diligence which even the seller may not have been aware of. Your solicitor will assist in reviewing these issues and quickly resolving them to ensure the sale proceeds.
- Keeping the buyer and seller engaged throughout the process. A successful rent roll sale requires active involvement from both buyer and seller. To further assist with this, businessDEPOT buyers and sellers receive a strategy pack providing guidelines for the transfer process and also draft letters for landlords and tenants. An engaged buyer and seller will almost always result in a higher number of properties transferring across at settlement.
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If you are interested in buying or selling a rent roll, we recommend you speak to your solicitor as early as possible. Are you looking for a rent roll broker? Get in touch with us.