Creating a Purchase and Sale Agreement in New Bedford

A real estate deal involves more than signing a receipt and handing over the money. You want assurances that you are getting what you bargained for and that nothing in the transaction will cause a problem later.

The appropriate document describes what each party will do to facilitate the deal. When you are acquiring or selling residential or commercial property, a knowledgeable real estate attorney can help you by creating a purchase and sale agreement in New Bedford.

What are Purchase and Sale Agreements?

When lawyers draft purchase and sale agreements, they create legal contracts that outline the terms and conditions that buyers and sellers agree to. Contracts ask both sides to exchange something of value, such as the purchase price, for a business interest or a piece of real estate. Contracts bind the parties to perform the obligations noted in the agreement. Failure to do so can lead to a breach of contract and a lawsuit, so creating an airtight purchase and sale agreement in New Bedford is crucial for a positive experience.

Buying or Selling a Business

Purchase and sale agreements are common when one business acquires another. Purchasers can acquire the assets of a business and leave legal ownership of the entity to the seller. Assets can include:

• Accounts receivable
• The company reputation
• Customer lists
• Licenses,
• Inventory
• Formulas
• Property, plant, and equipment

If the buyer is acquiring the legal entity, the agreement is a stock or member interest purchase, in which all assets, liabilities, and the entity itself go to the buyer. We proudly uphold our values as a people-focused firm dedicated to providing our clients with legal services. After your first strategy meeting in New Bedford, we can create a purchase and sale agreement for you.

Creating a Real Estate Purchase and Sale Agreement

Purchasing residential or commercial real estate or a business begins when a buyer is ready to negotiate and own a piece of property. The purchasing and sale contract identifies the asset, usually by block and parcel number, and includes:

• The asset’s purchase price, the amount of deposit, and how the remainder will be paid
• The due diligence period, in which both parties investigate whether the deal is viable
• Conditions prior to closing, which must be met before the deal is finalized
• Covenants that address risk mitigation and asset protection, such as insurance requirements before closing, warranties on the property, and that the parties have the legal right to contract
• What happens when one party breaches, a cure period, and liquidated damages if a party backs out

Purchase and sale agreements should be created for the unique circumstances of the transaction. Real estate contracts could also address protocols if the property has structural issues or tenants. Contingency clauses can provide an out for purchasers if they cannot secure financing by a certain date.

A New Bedford Purchase and Sale Agreement Attorney is Your Advocate

When you want a place to run your business or raise your family, you will need a contracts lawyer familiar with real estate and business dealings.

Our team is highly skilled at negotiating contracts and memorializing their terms. If you are buying a home or business, we can conduct your due diligence and provide the other legal needs associated with your transaction. Schedule a strategy meeting so you can learn how a New Bedford purchase and sale agreement lawyer can create the contracts you need.