Contract of Sale Template - Business

[RedCabbage]

I am selling a Limited company and I'm on good terms with the buyer, so we have agreed to form the basis of our own contract of sale before going to solicitors to keep costs down.

Does anyone have a link to a suitable template?

[srebbe64]

What you need to do is draw up detailed 'heads of terms' and give these to a lawyer to develop a 'sale & purchase agreement'. Now please take my advice and get a lawyer to draw up both contracts.

[RedCabbage]

We are discussing the articles and clauses at the moment and will use a solictor, but I want to present a nearly finished document rather than paying for him(her) to start from scratch.

[srebbe64]

I guess it comes down to the value of the deal, both current value and potential value.

[RedCabbage]

You're right though, always do it properly. Verbal or friendly agreements are soon forgotten when things go wrong.

My in-laws have had £000's swindled out of them by a 'family friend'.

[justinp1]

RedCabbage said:

You're right though, always do it properly. Verbal or friendly agreements are soon forgotten when things go wrong.

My in-laws have had £000's swindled out of them by a 'family friend'.

You have the right idea.

If you start a deal from scratch, then all you are doing is paying your solicitor to send to their solicitor the things you already know.

I would *definately* get solicitors involved to draw up the final agreement though.

My advice would be to sit down with the other party and just write/type up statements of exactly what the deal is - and then present this to your solicitors and they will then use their knowledge to 'tighten up' any ambiguous points.

[RedCabbage]

justinp1 said:

RedCabbage said:

You're right though, always do it properly. Verbal or friendly agreements are soon forgotten when things go wrong.

My in-laws have had £000's swindled out of them by a 'family friend'.

You have the right idea.

If you start a deal from scratch, then all you are doing is paying your solicitor to send to their solicitor the things you already know.

I would *definately* get solicitors involved to draw up the final agreement though.

My advice would be to sit down with the other party and just write/type up statements of exactly what the deal is - and then present this to your solicitors and they will then use their knowledge to 'tighten up' any ambiguous points.

Yes, thanks we are doing that wednesday night. Just trying to make sure we cover as many points as possible.

[Muncher]

Just get a solicitor to do it straight off, it won't be any help to them presenting a DIY attempt at one as they will just start from scratch in any case.