Tip 39 – Insurance – Who can you use?

Theoretically any insurer. Insurers carrying on business in Australia must be authorised by, or registered with, the Australian Prudential Regulation Authority (APRA).  Check the quotes you receive are from authorised or registered insurers.  If you use an insurance broker, agent or other distributor then they must have an Australian Financial Services Licence (AFSL) issued by […]

Tip 39 – Settlement – No Retentions

If your lawyer is suggesting a retention to help a settlement across the line that usually means the contracts prepared by that lawyer could be better. If a buyer is requesting a retention, that usually means the buyer doesn’t trust you.  Unless the retention is a significant amount of money you’ll usually burn more in […]

Tip 39 – Getting Ready to Sell – get your own building inspector.

Engaging a building inspector only costs a few hundred dollars and you will be surprised at what they uncover. It’s better that you find out about the leaking shower head fitting giving rise to high moisture readings in the walls, before your buyers building inspector does.  You can’t fix what you don’t know about.

Tip 38 – Sinking fund – Even buildings have a life span

Every fixed asset will have an economic lifespan and a design life span. Your sinking fund is not just about maintenance, it’s also for capital replacement. When you receive your new sinking fund report always check the underlying assumptions; for example, if you are painting a steel pergola structure once every 3-5 years, is that […]

Tip 38 – Construction – Emergency planning

Even the best work sites can run into trouble. Industrial action, sub-contractor disputes or workplace accidents; there are many more potential causes of delay than simply bad weather.  The best emergency planning is that done months before, but is ready to be implemented immediately it’s needed.  For example, liquidated damages clauses and delay and/or escape […]