THE ESCROW ATTORNEY

We recommend the use of experienced Escrow Attorneys to assist the seller and buyer in transferring ownership of the business. Escrow Attorneys are specialists in the field of business transfers and perform their services at very competitive rates. Some buyers and sellers choose to have their own attorney review the details of the transaction. We encourage you to consult your attorney if you feel more secure by doing so.

The Escrow attorney:

Is completely neutral. His purpose is to prepare the documents which reflect the interest of both parties as described in the Offer to Purchase. He will not represent one party against the other, and he does not represent the broker.

• Creates all necessary closing documents.
• Prorates and pays the rent, deposits, taxes and other expenses as requested.
• Makes sure that secured creditors are satisfied as instructed.
• Files and records documents with appropriate authorities.
• Keeps copies of all sales documents for at least three years.
• Escrow Attorney costs are shared between buyer and seller. You will be advised of these fees, which are nominal, prior to closing.