REST HOMES FOR SALE
BUSINESS REALTY LIMITED
Licensed under the Real Estate Agents Act 2008
SPECIALIST REST HOME & HOSPITAL BROKERS
SUMMARY OF REST HOMES & HOSPITALS
FOR SALE
NORTH LAND Rest Home (1)
Hospital & Rest Home (1)
AUCKLAND Hospital & Rest Home (1)
Hospital (1)
Rest Homes (4)
WAIKATO Rest Home (3)
BAY OF PLENTY Rest Home (1)
Hospital & Rest Home (1)
HAWKE'S BAY Rest Home (3)
WELLINGTON Rest Home (1)
BUYING & SELLING INFORMATION
BUYING & SELLING rest homes and hospitals can be a complex process usually involving two agreements one for the real estate and one for the business settled contemporaneously. If the real estate and business are owned by the same party the real estate agreement can be used as the base document with the addition of the business agreement General Terms Of Sale. Under the Further Terms of Sale additional clauses can be included for the allocation of the purchase price into Land & Buildings, Tangible Assets, Intangible Assets & Stock in Trade, plus clauses for Stock Adjustment, Turnover Warranty, Vendors Assistance and Vendors Restraint of Trade. Faxing agreements between parties is common with rest home transactions which become unreadable after two or three faxes. On reaching final agreement new documents should be drafted reflecting the final agreement and distributed to the parties for signing. It usually takes up to 90 days to obtain certification and assignment of the providor contract after agreement has been reached on price and conditions of the sale.
ASSET CLASSIFICATION
FREEHOLD LAND & BUILDINGS is the major asset component which are either purchased or leased for a set term at an agreed rental plus operating expenses.
BUSINESS ASSETS include tangible and intangible assets.
TANGIBLE ASSETS are defined as plant, machinery, equipment, furniture, fittings and other chattels used in connection with the business.
INTANGIBLE ASSETS are defined as the intangible rights, licences and benefits owned or used by the business including rights under all contracts relating to the supply of goods or services, the rights under any licence agreement or equipment lease, intellectual property rights and interests owned or held by the business including, without limitation, patents, trademarks, copyrights, software, registered designs, trade names, domain names, symbols, logos, and trade secrets and the goodwill of the business including where applicable, the benefit of the lease of the premises, the certification certificate cannot be assigned but the manuals are part of the intellectual property and transfer to the purchaser
CERTIFICATION purchasers must demonstrate to the Director- General of Health their preparedness to operate the business. This will involve an audit by a Designated Auditing Agency paid for by the purchaser. The auditor is required to confirm to the Director- General of Health that the purchaser will have in place the required systems, processes, policies and procedures to operate the business, meet the requirements of the relevant service standards plus appropriate level and mix of personnel in order to provide a safe and timely service. If the Ministry of Health is satisfied with the audit report they will confirm in writing that a Certificate of Certification will be issued to the purchaser when solicitors for both parties confirm that possession has taken place.
DHB CONTRACTS are assigned after approval of the purchasers by the DHB and a copy of the certification certificate sighted. Funding will continue to be paid to the vendor until the contract is assigned to the purchaser. Agreement is required with the vendor to transfer funds to the purchaser from the date of possession up until the contract has been assigned.
Disclaimer: No representation or warranty, express or implied, is or will be made in or in relation to, and no responsibility or liability is or will be accepted by Business Realty Limited or by any of their respective officers, servants or agents as to or in relation to the accuracy or completeness of, this memorandum or any other written or oral information made available. Professional advise should be obtain from appropriately qualified professional advisors.
