Property asset sales: Six tips for a smooth transaction

With company profits falling, the mining boom a distant memory and a slowing China, expectations are that Australia is in for a period of sluggish growth. Many companies are responding to the conditions by divesting themselves of non-core or non-performing assets in an effort to cut costs.

Selling property assets is complex and some important aspects are often overlooked. In particular, we've found six issues that sellers should stay alert to when disposing of property:

1. Third party consents – start the conversation early

Third party consents are a usual requirement for most asset sale agreements. However, obtaining consent is rarely straightforward.

While it's common to have provisions that prevent consent being unreasonably withheld, the reality is they do little to prevent a third party holding up completion.