Settle and Transfer the Business

Payment and Transfer
Once the agreement has been signed it is then a simple matter of arranging a deposit to finalise the sale. The deposit will be passed over to the broker, or held by the seller as security for the purchaser completing the sale, as agreed. When the sale is completed the deposit will form part of the purchase price.

Sometimes the buyer will request that the deposit be paid to a third party such as a lawyer, real estate agent, or broker - to protect their interests. That party then retains it until the completion of the sale.

Once the date of settlement arrives, the agreement requires the balance of the purchase money to be paid over. Once the final purchase price is paid to the lawyer for the seller, the keys can be handed to the vendor, who takes title to the business.

If Buyer cannot Settle
If the buyer is unable or unwilling to finalise the sale they will terminate the agreement and try and get a refund of their deposit. This will happen if the seller is the party unable to finalise the contract. The buyer can then claim damage...