I am seeking my own attorney for a restaurant purchase?

Cezar (Guest) on Wednesday, November 14 2012, 09:44 AM
I have made an offer to purchase a restaurant in Jamaica Plain. The owner is also a real estate broker and is proposing to be the agent for the restaurant sale transaction. I have reviewed the restaurant’s operating expenses and income and it shows a positive cash flow. Should I hire an attorney to represent my interests?
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    Replied by Attorney David Jensen on Wednesday, November 14 2012, 09:45 AM · Hide · #1
    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.
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