Can we do it?

Hi Folks,
We have 12 acres on the edge of Adelaide, 20 odd minutes to the cbd. A Developer Contracted us and all of our 24 other Neighbors, for a whole Suburb. Due diligence was completed successfully in 2020. The Govt have given it the verbal green light but the Minister hasn't signed yet (predicted by November as Election is next Year. I am well overdue for Retirement and had enough. We want to sell it.
Can we auction the Property ONline and the Contract, at the Market Price right now, with the subject, that if the Minister does NOT sign, the Buyer keeps the lot at the Market Price but if the Minister does sign, the Buyer has to get out in around 5 years time, when the Developer Pays our Tranche out, we give the Buyer another Million Golden Handshake and we get the agreed extra couple of Million?????
The Property would include the 27 year long Business with $125,000 net pa, plus the 5 bedroom, 2b, lovely home, rented at $35,000 a year.

I know it's weird but I have had enough.

Regards

 

There is a saying about a cake and eat it.

It seems u want Ur cake, eat it, then decide whether u wanted it!!

After all those years hanging in there makes sense

 

Hi Linda
So you and 24 neighbours have each signed a contract - either for the sale of property, or you've sold an option over the property. Seems pointless asking for general legal advice here when no-one knows what you've signed.
Please tell us you sought professional legal advice prior to signing. Surely that would have covered off on what happens when you or any of the vendors wanted out before the big payday down the track ? More importantly what does the agreement say about this? Surely that's the starting point before you get specific advice from your advisor.

 

Thank You.

Yes, we got advice and we have permission to sell the Contract with the Property, so long as the Buyer is also tied to the Developer Contract and bound by it. So we are allowed to sell and indeed pass the 27 year long Business along with it (net $125,000 pa, and the lovely home ($35,000 pa) and the Buyer can already live in the idyllic Country atmosphere, 2 minutes from Woolworths, for around 5 years. There are 4 Tranches and each is paid out 18 months apart. We are saying we will be last but don't know for sure yet. My Husband turned 75 this Month and is doing the physical maintenance as well as our other Rural Property 100k away. We know that the whole thing has the total green Light from the Govt and Council and that is what is being announced in a couple of Weeks.

Thanks for your kind reply.

 

Why not just sell the business ?
No more stress, plenty of time to relax....

 

Or the other rural property that you are having to maintain?

 

because we have had life on hold for 5 years now and no real spending money. The Business has been for sale but not sold but now also, we have the lovely Bendigo Bank admitting they don't want us any more despite being long term AAA Clients, because of Husbands Age, even though I am 25 years younger. So we want to pay them out too and stop the stress

 

Boo hiss. Another bad bank story.

 

Sounds like quite a few issues that might need to be separated out to get to where you want to be
If you can't sell the business is there an option to just rent out your place and that pays for you to rent somewhere else that is low maintenance until it's your tranche payout?
Would selling your other property reduce workload enough and pay down Bendigo to allow you to wait it out

 

Yes. Terrible of them. We have the perfect record.

 

God!!!!...yes....we did the Rental, People in good Jobs, fine for 12 months and then suddenly we had to evict and threw 2 Trucks loads of their Possessions to the Tip. They got into Drugs

 

We could sell that in 5 minutes but it is our Home and Retirement Heaven after a hard life.

 

You know, just about every person we have spoken to since, relate bad Tennent stories and stopping investing in this area. No problems getting through til Nov. Tranches is the word they use where the divide a big development into sections. This one will have 4 sections and so money comes up front for the first section,, then 18 months later for the second and so on. It's ironic that this all got delayed because the Planning Minister was a naughty Boy with Polly expenses and got the sack The attorney General is now looking after it

 

The other thing is that we don't want to commit now to Tennent because it's too close to the finish line and you don't Buyers having to move them out if we do sell soon.

 

Lower the price of the business and let i go....
Sure it's a lifetimes work, but it is costing your life now !

As for the property, you wouldn't have sold unless it was a sizable offer, so reverse mortgage it for the remaining time and go LIVE

 

Linda is this long established business some sort of horse / livestock enterprise that ties in with the property itself, or is it something able to be sold and shifted to a fresh location?
What I am reading is that your cashflow is stretched and the bank is up your tail, and your old boy is knackered to boot. And your ultimate goal is to get the pot of gold in 5 years plus relocate to your other property in the short term ?
The problem you have is wanting to sell a business that might evaporate in a few years due to the redevelopment plus the lovely house might have a drott run through it then also. Why would someone buy in that case, unless they were getting (all) the pot of gold? But instead of trying to sell what's to stop you just leasing out the business / premises to some fresh blood for 5 years and shuffling over to the other joint asap ? Surely that would get you some decent cashflow and meet a lot of your goals, or am I missing something with your whole set up?

 

Sorry for delay. If we put another Tennent in, the new buyer may want them or may want to move in. So that would present a problem for them. There is a mass exodus from the Suburbs right now, the biggest ever seen. They are sick of the home invasions, brush fence fires, cars burnt on the streets and more. This Property is like You are living in the Bush and yet next door to everything City.

Anyhow, I was just wondering what people thought. We were going to get a Contract drawn up, by $440 an hour Lawyers, to cover both sides, with the Sale at the Market Price now, subject to the Minster signing. If Minister does not sign, it is SOLD and the BUyer gets the Millions next time around for it is in the Govt Plan for the future. If the Minister does sign, they have to out in 5 years, have the business and the home for 5 years, live in Heaven for 5 years and then get $1,000,000 Cash from us and their money back.