So I brought a pub - what now?

Chris Tinning & Company is pleased to act as agents for the purchase of your hotel. Whilst we are employed and payed by the vendor we recognise that this would not be possible without you the purchaser.

Now that the sale has been negotiated the following will assist in letting you know what happens, when & why:

Proposed Transfer Date:Actual Transfer Date:

Price:

Solicitor Instructions:

Once the price has been negotiated we write to your solicitor advising them that they will soon receive a contract from the vendor's solicitor for the sale of the hotel. Should there have been any unique conditions attached to the offer then we will include these in our advice to both solicitors.

To complete the contract your solicitor will need to obtain information from you such as the purchasing entity, ABN and name of the proposed hotel licensee. It is also wise to discuss any finance arrangements required for the purchase of the hotel with your solicitor.

If you are obtaining finance to purchase the hotel our experience has shown that often a valuation is required by the lender. We are happy to provide a list of competent hotel valuers who can assist you; prior to instructing your preferred valuer their acceptance by the lender should be confirmed. We request that any appointments for valuers to inspect the property be made through ourselves.

Most transactions involve discussions between your solicitor and the vendor's solicitor that mean minor changes are made to the initial contract.

Once the contract is agreed between the solicitors and any finance approved (in writing) you will be asked to sign.

When signed contacts are exchanged the hotel is sold.

EXCHANGE DATE: SETTLEMENT TERM:

*** Ensure the hotel is insured in the purchasing entity's name from exchange.

One Month from Settlement:

• Open Bank accounts (these details are needed for the license application DMS and a TAB application if necessary). Make application for EFTPOS if necessary.

• Ensure that the proposed Licensee has completed the Affidavits to transfer the Liquor License and provided these to your solicitor. (Copies available from the OLGR web site http://www.olgr.nsw.gov.au ).

• Contact ATM provider if necessary.

Two Weeks from Settlement:

• Complete and lodge the supplier credit applications:

Foster's

Tooheys

Campbells

Caterex 69210808

Independent Distributors

Milestone Chemicals

Wagga Laundry & Linen (6921 2730)

Ferndale (food) 69216202

Superior Food 6931 9319

Beer gas ?

Sky Channel

• Contact TAB and request transfer of agency forms. (Elenor 92181483)

One Week from Settlement:

• Organise with the current licensee to accompany them whilst they clean the beer lines. (tuition)

• Organise with the current licensee to accompany them for lock up procedure. (tuition)

• Organise with current licensee tuition on cash register (changing pricing, manuals etc), ATM filling (manuals etc), TV operation (teletext pages etc)

• Request current pricing structure (liquor, accommodation, food etc)

• Request current staff roster

The Morning of Transfer:

An agent will attend your hotel and complete the following:

vCount Stock (this is then sent off for extension/pricing)

vCheck Inventory

vCalculate gaming duty liability

vOversee purchase of cash floats.

vOversee connection of Utilities (note the only time we contact the telephone provider is on the morning of settlement so that the telephone remains connected. Earlier contact inevitably leads to disconnection)

·Receive all hotel keys

·Safe combination

·Staff employment declarations (from post office)

·Staff Employment Terms & Conditions (generic attached)