RCH

 

BUYING A RESIDENTIAL CARE HOME (RCH)


The purchase of a Residential Care Home (RCH) is complicated, especially for first time buyers. When you buy a RCH through SRI, you will be provided with the following services:

     1. ASSESSMENT OF YOUR NEEDS

  • Do you want a hands on facility or a “turn key” operation?
  • What type of minimum financial return do you expect?
  • What are your short and long term goals?
  • Which geographical areas work for you?
  • Which type of RCH are you considering?

     2. ASSESSMENT OF YOUR FINANCIAL CAPABILITY

  • Will you have the required down payment?
  • Are you aware of the requirements for financing​?

     3. ASSESSMENT OF YOUR MOTIVATION AND ABILITY TO OPERATE A RCH

  • Do you have a clear understanding of the RCH business? We will explain the business so you can decide whether an operation like this works for you.

 

Once we have covered these 3 points we can proceed to the next step - the offer

 

     4. AGENCY CONSIDERATIONS

  • We explain agency, the different types of agency, and the benefits of agency
  • We will make you aware of errors and omissions insurance protection

     5. PREPARING TO MAKE AN OFFER

  • How much should be offered?
  • How large should the deposit be?
  • What will be the Closing date?
  • What are the Conditions?
  • Using Lawyer and Accountants’ reviews

     6. EXPLAINING THE OFFER PROCESS

  • What are the conditions that are put in the offer to protect you?
  • What is the deposit as opposed to the down payment?
  • How does the sign back process work?
  • What happens when the offer is accepted and when does it becomes firm?

     7. ASSISTING WITH THE CONDITIONAL DUE-DILIGENCE PERIOD

     The conditional period usually starts once the Agreement of Purchase and Sale
     has been accepted by both parties. At this point, the price and closing date
     have been agreed to based on the information provided by the seller. The        
     buyer now needs to complete the following:

  • Do their due diligence
  • Get financing confirmed
  • Begin the process to have licences and contracts transferred to the new owners

     8. MONITOR PERIOD TO CLOSING

      Once the due diligence has been completed we monitor and assist in
      providing information and documents that lawyers, financial institutions and
      governing bodies require until the deal is closed.

     9. POST CLOSING

  • Our role as your agent does not end on closing.
  • We will address any post closing issues.
  • We will assist with advice and contacts to ensure the long term success of your purchase.