The sale agreement is the most important document when closing the sale. It ensures the accuracy of all the terms agreed upon and guarantees that the sale is in the best interest of both parties. King Law Firm Attorneys at Law, Inc. can negotiate and draft this document, helping to create a strong deal that benefits both parties equally, but ensures the client isn’t being taken advantage of.
When drafting the sale agreement, the following should be addressed:
- Names of the seller, the buyer, and the business
- Background information
- Assets being sold
- Purchase price and allocation of assets
- A Covenant of non-compete
- Any adjustments to be made
- The terms of the agreement and payment terms
- List of inventory included in the sale
- Any representation and warranties of the seller and buyer
- Determination as to the access to any business information
- Determination as to the running of the business prior to closing
- Fees, including brokers fees
- Date of closing
It’s always good to make a checklist of all paperwork that both you, as the seller, and the buyer will need to close the sale, as well as any tax documentation that will need to be filed.