The Contract

The usual arrangement is that both sides pay their own legal costs; but if the deal goes through, the buyer inherits your bill. In practice, this results in the buyer drafting the contract and paying for the bulk of the legal work even if the deal falls through. Nevertheless, the seller has the right to stipulate what the contract must include. When you get the initial draft, go through it phrase by phrase with your lawyer. Sometimes these contracts are surprisingly short and well written. Other times, they are a cobbled together assemblage of templates. Your attorney will explain the tricks and traps and advise you what changes you should insist upon.

The games, posturing, and scams that can be paraded as you come up to the finish line are a legion. Keep a cool head, concentrate on your final objective, and be professional and in control at all times. Do not be surprised if they decline, accept, back off, halve the offer, or double it all in a single telephone call. Anything and everything can happen. If you behave dispassionately you won't get exhausted. The result of patient courtship is usually that you end up with a contract that is more than they want to pay and less than you would like. All that's needed now is the signing.

Was this article helpful?

0 0

Post a comment