For the average person, buying or selling a business seems as easy as finding the right match to sell or buy. However, there is more to it than just handing over the keys to your business. It can be simple with the help of a conveyance expert to help smooth out the legal processes. It seems complicated, but as you buy a business, a registered conveyancer assists in the settlement process and ensures that your interests as the client are fully represented.
What does conveyance mean?
Conveyance is the transfer of ownership of a legal title of property from one individual or entity to another.
The conveyancer is then a licensed professional whose duty is to provide information and guidance in the sale of a property or business. They also prepare the documents required and conduct the settlement process .The conveyancer is not required to be a lawyer. Most of the time solicitors provide these services. The process is as simple as three phases.
- Before the contract
- The settlement
- After the completion
Before the contract
The sale or buying process has to have an agreement between the two parties and a settlement document has to be put in place. Before signing the agreement, it is crucial to have your conveyancer go through the document and provide relevant feedback, especially on the Form 2 business disclosure statement to be provided by the other party.
If the sale of the business is being done through an agency, they will most likely require you to have a conveyancer with you so make sure you have found the right expert on business conveyancing 24/7 services. The processes can then be taken care of through the conveyancers of both parties.
The business contract not only provided proof of the sale of the business, but it also allows you, the buyer to have a deeper look at different aspects of the business. An important area would of course be the financial state of the business and the premises of the business if that is also included in the sale.
After investigating all the aspects of the business, you can then have a period of time to make enquiries to solidify the offer given on the business. The seller’s conveyancer provides answers to the enquiries you make as they act on behalf of their client. The conveyance expert is needed in this case to provide guidance on the drafted contract and other aspects of the prospective purchase. If there are any pending issues, you may request for a time line extension to gain clarity on any issues arising.
The last step would then be to settle on the quoted price and start the payment plan. The legal documents are then signed and the sale confirmed. The conveyancer can have the settlement signed on your behalf and notify the relevant financial institutions when the payments are complete. He or she will provide guidance until the effectual occupation of the premise or ownership of the business.
John Newman is a business conveyancer with years’ worth of conveyancing experience. You can read more about conveyancing 24/7 from his blog.