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Purchasing a business? These are terms you should know

If you're ready to purchase a business, then you need to be aware of property law and real estate laws. What you do now can affect you far into the future, so it's wise to take steps to make sure you're protected against broken contracts and other concerns.

There are several terms you should be aware of before you begin negotiations or even look for a new business. First, know the state of the title. A title is a document that shows who officially owns a piece of land. Also recognize the cost of terms of the mortgage. This is a loan that will cover the purchase of a company; if you are buying it with cash, then you don't have to worry about a mortgage.

If you're purchasing a company in foreclosure, know that it's a process where the bank has repossessed the business. It's more likely you'll be purchasing a business that is closing due to bankruptcy, but know what will come with the business and how the bankruptcy affects the terms of your purchase.

Finally, know that closings and escrow are important. During a closing, the real estate is officially transferred to you, but money is often held in escrow, which is when a third, uninterested party holds it until the completion of contracts.

When you're ready to make a purchase, it's important to have your attorney there to help you negotiate and help you determine if the terms are fair and legal. Our website has more information on purchasing a company and the steps you can take to protect yourself.

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