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Buying a management rights business offers a unique and often rewarding investment opportunity, providing you have the right terms in place. Negotiating a business that has letting rights, an owners lot and an entire committee that has to agree to the sale can often be an overwhelming and seemingly impossible task. This guide is designed to help you negotiate the best possible contractual terms, as well as avoid the common pitfalls that management rights holders often face as a result of poor contract negotiation.
HYNES LEGAL
What does the guide cover?
What are management rights?
Broadly, management rights are investments that comprise on-site caretaking and letting within a body corporate. Queensland has a significant number of management rights schemes when compared to other states. The Guide to Buying Management Rights provides a baseline of knowledge to give you a head start in deciding if a management rights investment is right for you.
Types of Management Rights
Management rights is the business of on-site caretaking and letting within a body corporate and generally include:
- Ownership of real estate in a community titles scheme.
- A contract for caretaking common areas within a body corporate within a scheme.
- Authorisation to let some or all apartments within a scheme.
Jargon and terminology
There is a multitude of terminology used with the management rights industry that is little-known to most potential buyers. From legal speak through to abbreviated terms, having a quick reference guide to help decipher information gives you a strong foundation for quickly navigating the purchasing process.