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What is a business purchase and sale lawyer?
Business purchase and sale lawyers are professionals who specialise in property transactions and issues relating to buying and selling a business. Expert business purchase and sale lawyers advise on contracts for the sale of business, lease terms, commercial agreements relating to the business and due diligence searches and inspections. Generally, business purchase and sale lawyers are experienced at dealing with business transactions, which is why they should be a first point of contact for both buyer and seller. These lawyers will ensure you understand the process leading up to settlement and any issues you may encounter. They will explain to you the law in a way that is easy to understand without technical jargon.
The work of a business purchase and sale lawyer will involve negotiating terms and conditions, transferring equipment licences, evaluating goodwill and business assets and considering tax implications. If you wish to have a settlement that is problem-free, consult a professional who has expertise. They will ensure all ownership rights, responsibilities and assets of the business are transferred, and the settlement process is seamless and stress free.
What can a business purchase and sale lawyer do for me?
A business purchase and sale lawyer will do all transactional and business work for the buyer or seller. He or she will prepare for, negotiate and complete the transaction. The process of buying and selling a business can be complicated and issues can arise if you do not have legal support. If these issues are unresolved, you risk entering a contract that is against your interests. Business purchase and sale lawyers can identify common risks and are able to take steps to prevent them from occurring. These specialist business purchase and sale lawyers have extensive knowledge on conveyancing and property laws and preparing contracts that deliver a positive outcome.
5 tips when hiring a business purchase and sale lawyer
Engaging with a business purchase and sale lawyer can be overwhelming as there are many lawyers to choose from. It is recommended you consider these tips before making a decision:
- Find a qualified lawyer that suits your needs. Experience and qualifications are extremely important because there are numerous issues that must be considered in a business transaction.
- Look at their location and find out whether they are flexible. Sometimes business transactions will not require you to have face-to-face interaction with your lawyer. However if an issue arises, it is prudent to select a lawyer who is located near you.
- Check to see if they are accountable and transparent. Also, find a lawyer who is compatible with your budget as well. You can ask for an accurate conveyancing quote and how the quote was calculated.
- Consider more than one lawyer before making a decision. It is important you find someone who has the skills and is willing to work hard on your behalf.
- Read the retainer your lawyer provides. It will inform you of the obligations held by both you and your lawyer.