Stage 6 – agreeing the contract terms

When the seller’s solicitor prepared the draft contract, it will have included the obvious terms (eg: price) and terms to protect the seller (eg: an indemnity by the buyer in respect of post-completion debts of the business), but not necessarily any terms to protect the buyer (eg: non-competition clauses by the seller). It is the buyer’s solicitor’s job to make sure the...
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Searches – what are they all about?

Lawyers often talk about “the searches”, but what do they mean? The main search is the “local search” – strictly, a search in the register of local land charges maintained by the local district or borough council (or unitary authority), combined with a range of enquiries raised with that council, all in relation to the property being searched against – not in...
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Stage 3: Checking the paperwork

This is where the Buyer’s solicitor can get his (or her) teeth into things: going through the lease (if the pub is leasehold) and the other title documents, checking for defects or problems, raising enquiries about any problems as well as a wide range of other enquiries about the property and the business, and reporting to the Buyer on what is found. It is important that the Buyer and the...
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Another tip for sellers

As well as making sure the property is ready, make sure your business is ready: your buyer will (probably) want to see – -an up-to-date (ie: less than one year old) electrical installation inspection certificate and Portable Appliance Testing (PAT) certificate – contact an NICEIC-registered electrician for these; a gas safety inspection certificate for any gas appliances – contact a...
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