Tips For Purchasing Management Rights - What you should do once your offer is accepted?

The below bullet points are a process summary only, which you Broker/Agent will be happy to expand upon.

  • Contact your specialist management rights solicitor to sort out any special conditions for the contracts and to check the caretaking & letting agreements
  • Contact your specialist management rights accountant to discuss the possible purchase structures and to arrange the financial verification (his report to be presented to the bank)
  • Arrange for & complete the Restricted Letting Licence course - if not completed
  • After signing contract arrange a cover note from your insurance company for the unit contents
  • Arrange with the accountant for the submission of the licence & trust account application with the Office of Fair Trading for the building you are purchasing
  • Provide all paperwork to the bank for your finance application
  • Collect together references (3) & resumes for all persons involved in the purchase as these are required for Body Corporate approval.
  • Notify Agent on the outcome of :
    a) Verification Report
    b) Solicitor Due Diligence
    c) Finance Approval
  • When the contract is unconditional: Provide references to your solicitor
  • Solicitor/Broker will advise of the Body Corporate approval meeting date
  • Arrange transport of furniture etc to new location

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