Small Business Check-List
What you should do before purchasing a business

• Engage an accountant to examine the books and records of the business
• If borrowing is necessary, look at the various financing alternatives available
• Test the financial representations made by the vendor or obtain the appropriate warranties from the vendor
• Check whether the business will be able to service your proposed borrowing’s and still leave an adequate return
• Check the terms and conditions of the contract and discuss them with your solicitor before you sign it, eg. do you want to restrict the vendor from competing with you?
• Check the registrations, licenses, trademarks or permits held by the vendor.
• Check the provisions of the lease and obtain legal advice before you sign it.
• Check the inventory of the chattels, plant and equipment and any encumbrances to be discharged.
• Check for zoning restrictions as to the use of the business premises.
• Check the rates, insurance and other outgoings.
• If employees are to remain in employment, check the method of adjusting salary, annual leave, superannuation etc.
• Seek legal advice about choosing the most appropriate operating structure: sole trader, partnership, company or trust.
• Seek legal advice on the laws relating to consumer protection, credit, taxation (in particular capital gains tax), leases, employment law, patents and copyright.
• Consider what public liability insurance cover you will require.
• Seek legal advice about your Will and estate planning.
• If you are considering whether to purchase a franchise, talk to other franchisees, the potential landlord, an accountant and a solicitor.

Wills Check-list
What you should do before making a Will

• List the assets you are able to dispose of by a Will
• Consider whether you want any specific items such as cars, antiques or items of jewelry to be left to specific beneficiaries.
• List your debts and consider how these are to be repaid on your death.
• Decide weather you want to leave any specifics instructions regarding funeral arrangements.
• Chose an executor and a substitute executor who will be able to administer your estate.
• Consider what powers and directions you wish to give your executor.
• List all persons who may be legally entitled to claim a share of your estate and consider how best to avoid possible challenges to your Will.
• Chose guardians for you infant child.
• Seek advice about the legal formalities of making a valid Will.
• Arrange for the assistance of two independent adult witnesses who can sign your will.
• Advise your executor of the whereabouts of your Will and give him or her copy of it in a sealed envelope.
• Arrange for your will to be left with a solicitor, your bank or in a private safe.
• If you have a Will, check that it still complies with your wishes, that it can be legally challenged ant that it is stored in a safe place.
• If your Will no longer complies with your wishes seek legal advice about whether you should make a codicil or a new Will.

Retirement Villages Check-List
What you should do before signing the contract

• Inspect the property and its location carefully.
• Familiarize yourself with the types of retirements villages available (information can be obtained from the Retirement Village Association of Victoria)
• Seek independent professional advice about the financial consequences of entering the village.
• Find out whether the initial cost is refundable, if so how the refund is calculated and what security exists for payment.
• Enquire about the initial cost of entering the village.
• Enquire about the ongoing costs including maintenance fees and other outgoings.
• Enquire about the nature of nursing and health care provided (if any).
• Enquire about any leisure or recreational facilities provided.
• Seek legal advice about:
• The special conditions which apply if you are buying “off the plan”
• Whether the provisions of the Retirement Villages Act 1996 have been complied with by the village operator.
• The lease or the title you will receive on entering the village
• Negotiate the terms of the contract.
• Will documentation is required.
• The ability to sell or transfer your interest in the village
• What cooling off period applies?

• Enquire about the credibility and financial viability of the village operator.
• Enquire about your rights and obligations as village residents and between residents and the village operator.
• Familiarize yourself with the rules and regulations of the village including any restrictions on the number of visitors, pets, parking, your ability to rent out the unit and your ability to leave unit vacant.

Strata Title Check-List
What you should do before signing a contract

• Examine the Vendors’ Statement.
• Inspect the property carefully.
• Know what comprises common property and whether it is being used for any particular purposes.
• Examine the rules, regulations and by-laws of the body corporate.
• Find out your actual contribution to the body corporate.
• Find out the details of the body corporate insurance policies
• Check for maintenance projects approved by the body corporate.
• Check amount held in sinking fund for future repairs.
• Find out duties of body corporate and body corporate committee.
• Make sure the adequate fire & public liabilities insurance cover.
• Find out your obligations to other unit owners
• Check for method of resolving disputes.
• Seek legal advice.