Summary
The phrase "the devil is in the detail" is an apt description of many agency sellers' reactions when they get their chance to review the purchase and sale documents prepared by the buyer. One saving grace is the fact that the seller's legal counsel will be reviewing the documents and will be able to interpret and explain, where necessary, the actual meaning and import of the more complex sections of the document. In the end, however, the seller is the one who will be signing the documents and must fully understand them. In light of the above, Harbor Capital Advisors believes that it is quite beneficial for potential sellers to understand the nature of the documents that they will be required to sign, well in advance of the formal closing. This article addresses some of the more critical parts of the purchase and sale documents, such as the Representation and Warranty sections and the Escrow sections.
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Extract
Agency Purchase &Amp; Sale Agreements
The phrase "the devil is in the detail" is an apt description of many agency sellers' reactions when they get their chance to review the purchase and sale documents prepared by the buyer. It can certainly be overwhelming for agency principals to receive 50- to 100page documents related to the sale of their agency. While the complexity of the documents c...
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