REIQ Best Practice Guidelines v03.23 - Flipbook - Page 73
12. CONTRACT OF SALE
(a) If the contract of sale is not prepared by the
Client’s appointed Legal Practitioner and a
Member Business Broker shall prepare the
contract, the Member Business Broker must
comply with guideline 15 of Chapter 1 of
these Guidelines.
(b) In addition, Member Business Brokers must
complete the schedule of the contract with
sufficient particulars about the business
being sold, including:
i.
the registered business name/s;
ii.
any trading name/s;
iii.
the address of the business; and
iv.
the contact details of the business to
be transferred with the business
such as domain, phone numbers,
email addresses, social media
accounts, fax numbers.
any relevant licence, approval or certificate in
connection with the operation of the business, and
whether special conditions should be included
prior to entering a contract for sale.
15. ASBESTOS IDENTIFICATION, REGISTER
AND MANAGEMENT PLAN
(a) Member Business Brokers must make
reasonable enquiries with the Client to
ascertain:
i.
if a competent person has been
engaged to identify all asbestos or
asbestos contaminating material at the
property;
ii.
if an asbestos register compliant with
the Work Health and Safety Regulation
2011 (Qld) has been prepared and is
kept on the property; and
iii.
if an asbestos management plan
compliant with Work Health and Safety
Regulation 2011 (Qld) has been
prepared and is kept on the property.
13. GUARANTOR
(a) Member Business Brokers should ask their
Client if a guarantor is required to also enter
the contract of sale in order to guarantee the
obligations of the prospective buyer, such as a
director’s personal guarantee on behalf of a
company buyer.
(b) If a Client requires a guarantee to be given, the
Member Business Broker should take
reasonable steps to verify the guarantors
identity in the same manner as the prospective
buyer under guideline 16 of Chapter 1 of these
Guidelines.
(c) A Member Business Broker may request
information about a guarantor to verify their
qualification in accordance with guideline 9 of
Chapter 6 of these Guidelines.
14. BUSINESS APPROVALS, CERTIFICATES
AND LICENCES
Member Business Brokers should direct
their Client to obtain appropriate legal
advice about how to transfer
REIQ BEST PRACTICE GUIDELINES
V08.23
(b) If the Client has not complied with their legal
obligations or the Member Business Broker has
reasonable doubt that the Client has complied
with their legal obligations under the Work
Health and Safety Regulation 2011 (Qld), then
the Member Business Brokers should direct the
Client to seek legal advice about their
obligations and disclosure requirements
which must be made under a contract and
relevant legislation.
Learn more about the legal
requirements for business
owners in relation to the
identification and management
of asbestos
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