I am about to purchase a restaurant in Jamaica Plain from real estate brokers and they are proposing to be the agents for the restaurant sale transaction. They’ve presented the restaurant’s operating expenses and income and positive cash flow. Should I bring in my own attorney to help me purchase this restaurant?
I would strongly recommend hiring an attorney to assist you. For starters you want to have someone review the Purchase and Sale contract, to be sure you understand exactly what you are purchasing – the assets of the business, the fixtures, equipment, furniture, inventory? In addition, you will need to receive a bill of sale for all the items included in the sale, and a representation that the seller owns the items free and clear. A UCC title search is often undertaken to be sure none of the equipment that is part of the transaction is encumbered by a loan. You also need to be sure the agreement you sign obliges the seller to pay all outstanding meal, sales and employment taxes up to the date of the closing.
Our Jamaica Plain Restaurant Attorneys provide legal representation for restaurant transactions and all related matters and serve individuals and business in Jamaica Plain and the Boston Metrowest communities including: Brookline, Watertown, Waltham, Newton, Weston, Wellesley, Needham and Dedham.