Asset Sale Agreement
This Agreement allows for the sale and transfer of assets between one party and another.
4.7 (3 reviews)
Last updated November 10, 2024
Under 20 minutes
Suitable for Australia
Written by
Edwin Montoya Zorrilla
Reviewed by
Damin Murdock
Document Overview
This Asset Sale Agreement is a legal contract between a Vendor, who owns or has an interest in specific assets, looking to sell these assets to a Purchaser for a predetermined price. This type of agreement can be beneficial when a business owner wants to sell their business or specific assets of the business, or when a potential buyer sees value in acquiring these assets.
The Vendor retains ownership of the assets until the purchase price is received. If payment has not been received, the Purchaser acts as the Vendor's bailee and fiduciary agent. The agreement grants the Vendor the right to enter the premises and repossess the assets in case of a breach of the agreement by the Purchaser.
What does the Assets Sale Agreement Include?
- Purchase price.
- Completion date.
- Allocation of risk.
- Confidentiality and dispute resolution.
The Legal Risk Score of a Asset Sale Agreement Template
Our legal team have marked this document as medium risk considering:
- It provides clear, inflexible obligations regarding execution, delivery and exchange of title.
- Such an agreement typically involves assets with a high overall value.
Asset Sale Agreement Checklist
Complete your free Asset Sale Agreement with our checklist
Get the right individuals to sign the document
Where the parties are companies, their directors and/or secretaries should sign this document.
Keep the document readily available
Both parties should have the document handy as an easy reference for their obligations.
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