What Is A Section 52 Agreement

This statement follows the legal requirements set out in section 52 of the estate agents act 1980 for victoria.

What is a section 52 agreement. In the case of a section 52 agreement or an old style section 106 agreement i e. A section 52 agreement had only to comply with the wording of that section and to be reasonable within wednesbury rules. At present a small business is defined as a business in which the goodwill plant equipment and fittings have been sold for total price of 500 000 00 or less.

To my mind the general common law rule therefore applies that such a deed can be discharged or varied by the parties. A section 52 is used whenever there is a sale of a small business. They wish to have it discharged.

Most section 52 agreements will have been entered into either unilaterally or with the local planning authority. The latter section allows any person interested in land to enter into an. A section 52 is a disclosure statement that the owner of a small business must provide to a prospective purchaser.

One made before 25 october 1991 the only option is to apply to the lands tribunal for a discharge or modification of a restrictive covenant under section 84 of the law of property act 1925. Unlike with section 106 agreements there is no statutory mechanism for discharge or variation of a section 52 agreement. I have clients who are bound by a section 52 planning agreement.

It would seem that the procedures in section 106a 1 for applying to the local planning authority for the modification or discharge of a planning obligation only apply to a planning obligation as defined in section 106 1. It was amended into section 106 of the same act in. But not every vendor is required to provide a section 52.

Section 52 of the estate agents act 1980 for the sale of small businesses. A section 52 is a document that sets out the details of the business including assets profits and losses so that the purchaser can make an informed decision about whether to buy the business. An agent is not responsible for preparing a section 32 or a section 52 statement but where appropriate should ensure one is provided.