Secured Loans and Personal Property Security Register

People borrow and lend money for all sorts of reasons. It may be a close friend short of cash or Uncle Tommy needs money to renovate his house?  Apart from the issues of what happens if the borrower fails to repay the loan, what happens if someone dies and there is no paper trail to say what was agreed to if anything?

If you are lending money to another party with an item of property offered as security then you must under the new PPSA (Personal Property Securities Act 2009) clearly document that property.

It doesn’t matter whether the property is tangible (eg, car, boat, plane) or intangible (eg, shares, patents), it must be registered.

We have revised our Secured Loan Agreement so that it contains all the provisions required to document a loan arrangement, including those required by the PPSA. This means that the lender can register their interest on the Personal Property Security Register (PPSR) so they have the rights to that property as security in the event that the loan is not honoured.

For more information go to “What do I need to know about the Personal Property Securities Act?”  at http://www.rpemery.com.au/articles/about-ppsa-loans.html

Or view our Revised Secured Loan Agreement at http://www.rpemery.com.au/online/loan-agreements.html

Difference between assigning a lease and subletting

“Assigning” and “subletting” may sound like interchangeable terms but are vastly different.

If you have space in your leased premises that you are thinking of assigning or subletting to another, you should make yourself familiar with the legal effects, the pros and the cons of both assigning and subletting.

What is an assignment of lease?

Where a tenant decides they no longer wish to be bound by a lease, they can transfer all of their rights and obligations under the Lease to another (with the landlords consent), who then assumes the position of tenant.


What is a sublease?

A Sublease enables a tenant who has spare space  that is not being utilised to sublet that space to another.

The Sublease is essentially an Agreement between the sub-lessee and the existing tenant.  The existing tenant will still ultimately be responsible to the landlord, even for defaults of the sub lessee, for example, non-payment of rent or damage to the premises. 

For more information click here

2013 Updates to the Western Australia Residential Tenancy Laws

The Western Australian Residential Tenancies Act 1987 has recently been reviewed and amended.

Here is a summary of the main changes starting 31 July, 2013.

1. A new prescribed form must be used for all residential tenancy agreements.
2. Requirement to lodge security bond with Government Agency.
3. Requirement to complete Condition Reports at start and end of tenancy.
4. Limits to option fees.
5. Pet bonds can be requested for all pets capable of carrying parasites that can affect humans.
6. The tenant cannot be made to pay more than 2 weeks rent in advance at any time throughout the tenancy.
7. The lessor must ensure the residential premises are reasonably secure.

To Download an up to date WA Tenancy Agreement Kit please visit http://www.rpemery.com.au/online/residential_tenancy_agreement_wa.html

5 key issues that will affect your bottom line when entering a Commercial Property Lease

5 Tips of things to look for in a Commercial Property Lease

Are you signing up or thinking of signing a commercial lease?  Here are a few key provisions to look out for.

Rent

The biggest outlay when renting a property is rent so it’s vital to understand the potential monetary obligations. You need to know how much, how it is calculated and whether it will automatically increase (often referred to as rent reviews or rent adjustments). 

Ratchet clauses

A ratchet clause is a clause which attempts to prevent any decreases in the rent.

Ensure that your lease review provisions are clear and that there is no attempt to prevent a legitimate decrease in the rent.

Outgoings (operating expenses)

Sometimes a tenant is required to contribute towards the outgoings (or operating expenses) of the leased premises.  These operating expenses can include things like rates, taxes, cleaning costs for the building, insurances and the like.

Other Expenses

The Lease may place other financial or related obligations on the tenant eg fixtures, fittings, equipment or services, etc

Lease term and options

The term of the lease is the amount of time you can rent the shop for under the Lease, eg 5 years.  At the end of the initial term of the Lease, there may be an option for the tenant to continue on under the Lease for a further term or terms.  Make sure you check the way rent is calculated for the option period as sometimes it can vary.

See full article at here

How To Use An Employment Contract Template To Streamline Recruitment

How an Employment Contract template can streamline your recruitment process

Recruiting and employing staff is fundamental to any business, large or small. If you’re not used to the process of putting on new staff it can be easy to overlook important legal requirements which can cause hassles down the track.

That’s where Employment Contract Templates come in – they can be used as a handy guide or checklist to ensure that all the essential legal stuff is taken care of.

When you sit down with your new employee – go through the contract together. It will cover important issues like payment and the award (if applicable), hours, the role of the employee, tasks, confidentiality and so forth. The contract ensures that both parties understand their obligations in the relationship and reduces the likelihood of conflict down the track.

A written Employment Agreement provides a solid record of your arrangements and starts your professional relationship in the right way. 

To see full article go to
http://www.rpemery.com.au/articles/employment-contract-templates.html

Estate Planning and Financial Agreements

Financial Agreements are an effective way for couples (married, defacto, separated or divorced) to determine the division of assets and/or liabilities in the unfortunate event of a breakdown in the relationship, however it does not take the place of a valid Will.

A Binding Financial Agreement or BFA will continue to operate despite the death of a party but it does not set out how a party wishes to have their assets distributed upon their death.

What if there is no Will?

If a Will is not in place, any assets and liabilities will be dealt with according to strict rules and procedures governed by the legislation of your particular State. This may result in a lengthy process which does not take into account your personal situation or your preferences of who is to receive your assets.

When should a Will be reviewed?

It is advisable to review your Will frequently to ensure it still reflects your wishes as your life changes. For example,  you should review your Will in the following situations – marriage (or de facto cohabitation), separation and divorce, birth of children, death of beneficiary, spouse, executor or trustee click here to read more

for more information click here

What costs nothing and ensures your Voice is heard?

Answer: Power of Attorney Document.

A Power of Attorney is a document that allows us to voice our decisions at a time when we are absent or unable to speak for ourselves.

It could be that you are away from home, for example, on holidays and need someone to take care of financial matters like bills, banking, shares etc. This is called a General Power of Attorney.

Or it could be the long term arrangement we put in place for financial matters in case we lose mental capacity due to illness or accident. This is an Enduring Power of Attorney.

Or it can be the document that sets out the medical or lifestyle decisions you would like to be made on your behalf when you are no longer capable of voicing them yourself. This is called Guardianship.

No matter which scenario, a Power of Attorney (General or Enduring) or Guardianship is a straightforward document that costs nothing but your time to implement.

We’ve spent some time researching what documents are available for each Australian State and have put all the documents together in one place for your convenience. You can choose which document you need and download them free of charge. Click here

We’ve also put together information pages to help you understand how Power of Attorney documents work. Go to www.rpemery.com.au

Whether you need one for yourself or for a family or friend – please use the resources and put it in place so you can rest easy knowing your voice will be heard no matter what.