What services do attorneys provide business buyers or sellers?

A business buyer or seller can engage an attorney at many points in the transaction. An attorney could be brought on to negotiate and draft a letter of intent, help conduct due diligence, or draw up the final purchase agreement. In these instances, the attorney would more than likely be working on behalf of either the buyer or the seller as a fiduciary. This is your “typical” attorney-client relationship.

Attorneys can also act as the closing agents, which means that they are preparing the final closing documents for the parties to review. They’ll handle the deposit and pay out all of the parties at the closing table. As a closing agent, the attorney is merely a consultant or service provider and has no fiduciary duty to the parties to the transaction. Closing agents are typically paid one half by buyer and one half by seller. The important thing to remember about closing agents is that they cannot provide legal advice to you, and you must determine for yourself whether or not the deal structure is appropriate.

Learn more about an attorney’s role in your business purchase.

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