Buying and selling a business requires the handling of several legalities. Simple Asset Transfer Agreement signing is one of those key legalities. Both buyer and seller sign this agreement for the following purposes:
- Transaction completion
- For transferring the ownership of an organization’s business operations into the buyer’s name.
- To help sellers transfer the ownership of a company’s assets into the buyer’s name.
- To ensure payment and security of the same for seller.
To get to closing, it is necessary to have knowledge about the structure of a Simple Asset Transfer Agreement including various things such as:
- The types of assets and liabilities involved in the sale.
- The payment structure for the sale.
- The ancillary documents required to be filed (i.e. deeds, lease extensions, tax forms, etc.).
The objective of this post is to explain to you the role of the Contract in a Simple Asset Transfer Agreement.
Contract creation is important for selling even a portion of your company’s assets. The creation of a contract, outlining all the details related to the agreement, is recommended. This contract sets the terms for the buyer and seller and delegates their respective rights and obligations relating to the impending transaction.
Remember, preparing and signing a contract is a complex process. This process should only be performed by an experienced lawyer for a simple asset transfer agreement. We at the Law Firm of Vaughn, Weber & Prakope, PLLC can make the difference. Our team of experienced lawyers can make it easy for you to prepare a legally correct Simple Asset Transfer Agreement. Contact us at (516) 858-2620 to discuss what we can do for you.