Summary
When selling a business, its crucial to draft a comprehensive seller finance contract. Key elements include the purchase price, down payment, interest rate, payment terms, late payment penalties, and default clauses. Its advisable to have a lawyer review the contract to ensure compliance with Florida law and to protect your interests. Consulting a legal professional can help tailor the contract to your specific needs and ensure all necessary terms are included.Full Conversation
I need a contract to sell my small business
Hi ****! To help you with creating a contract to sell your small business, can you please specify if you have any particular terms or conditions in mind for the sale?
seller finance at *% interest rate, $*,* purchase price with *% down. 3 year payment term with equal montly payments. late payments are *% of payment amount for every 30 days late, we reclaim all business assessts if they default on the loan. The business is a hay and feed delivery service. We are selling all equpiment, supplies, and customer list to buyer.
****, based on the information you provided, here are some key points to include in your seller finance contract:
- Purchase Price: $*,*
- Down Payment: *% ($*,*)
- Financed Amount: $*,*
- Interest Rate: *%
- Payment Term: 3 years with equal monthly payments
- Late Payments: *% of the payment amount for every 30 days late
- Default Clause: Reclaim all business assets if the buyer defaults
- Assets Included: Equipment, supplies, and customer list
Would you like me to help you draft a template for this contract?
yes please
****, as you requested, I'll provide you with a basic template to get you started on your seller finance contract. Please note that it is always best to consult with a legal professional to ensure it's tailored to your specific needs and complies with Florida law.
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Seller Finance Contract
This Seller Finance Contract ("Agreement") is made and entered into on [Date] by and between:
Seller:
Name: **** ****
Address: [Seller's Address]
Contact: [Seller's Contact Information]
Buyer:
Name: [Buyer's Name]
Address: [Buyer's Address]
Contact: [Buyer's Contact Information]
Business Description:
Hay and Feed Delivery Service, including all equipment, supplies, and customer list.
Terms of Sale:
- Purchase Price: $*,*
- Down Payment: *% ($*,*) due at signing of this Agreement.
- Financed Amount: $*,*
- Interest Rate: *% per annum.
- Payment Term: 3 years with equal monthly payments.
- Monthly Payment Amount: [Calculated Amount]
- Late Payment Penalty: *% of the paymentamount for every 30 days late.
- Default Clause: Seller has the right to reclaim all business assets if the Buyer defaults on the loan.
Signatures:
_________________________
Seller: **** ****
Date: [Date]
_________________________
Buyer: [Buyer's Name]
Date: [Date]
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Would you like any additional terms or conditions added to this contract, or do you have any other questions?
is that all we need for a contract? do we need a lawyer to review?
It's always a good idea to have a lawyer review any contract, especially for significant transactions like selling a business. A lawyer can ensure that the contract complies with Florida law, covers all necessary terms, and protects your interests. Do you need help finding a lawyer in your area?
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