Yorkville Sale of Restaurant Attorney: Structuring The Commercial Purchase or Sale of a Restaurant in Kendall County
Structuring a purchase of a restaurant when you are purchasing the building and the business requires careful planning and consideration. There are two significant steps in the commercial purchase and sale process, along with legal concerns for the commercial real estate purchase of the building. The first step is negotiating a letter of intent.
A letter of intent is a non-legally binding letter that summarizes the terms and conditions of the restaurant purchase. The purpose of a letter of intent is to describe the potential acquisition of the restaurant and commercial building and show a seller that the buyer is serious. Furthermore, the letter of intent secures the exclusive negotiations involving the proposed buyer and the seller. The letter of intent must summarize the rights and responsibilities of the buyer and seller. The letter of intent also will have an initial deposit of money that will be exchanged called "earnest money." The earnest money shows the buyer's seriousness in purchasing the business.
A commercial purchase and sale contract for the real estate purchase will evidence the commercial real estate purchase. The letter of intent is supplemental to the commercial purchase and sale contract for acquiring the commercial real estate property. Generally, a commercial real estate agent and a business broker represent the sale and purchase of a commercial real estate property. For example, the commercial real estate agent is authorized to sell real estate and place a restaurant's building up for sale. The business broker is experienced in executing the purchase and sale of a restaurant. The business broker identifies potential buyers and sellers and brings them together.
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