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02 9526 3444

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Selling a Business

Our solicitors are experienced in acting in the sale of businesses of varying size and complexity, across a range of industries. We understand the different factors that need to be considered in any transaction. We work closely with all parties, including commercial real estate agents, accountants and financial planners, to ensure you benefit from holistic advice.

We can assist in the sale of businesses by drafting the Contract, including advising on the information and documentation legally required to be included in the Contract, and suggesting which special conditions should be included.

Every business is different.  Some business sales are straightforward, and some business sales are complicated.  There are plenty of issues to be considered to ensure that all aspects of the business are dealt with (read our blog about selling a business here).

The main steps in a sale of a business are:

  1. Preliminary negotiations, pre-exchange searches, negotiation of special conditions, agreements signed.
  2. Exchange of contracts takes place at the offices of the vendor’s solicitors, where a deposit of 10% of the purchase price is usually paid. Contracts are now legally binding.
  3. The purchaser’s solicitor sends to the vendor’s solicitor “requisitions on title”, which are a list of questions sent to the vendor’s solicitor. If the answers turn out to be false or misleading, these will provide protection to the purchaser.
  4. After exchange, the vendor will generally have a number of obligations to fulfil, as stated in the contract for sale. These include: executing the necessary documents to transfer title, discharging a mortgage and acquiring a lessor’s consent to a transfer of lease.
  5. The contract for sale will state a completion date, when settlement will occur. Settlement generally occurs at a place nominated by the vendor. The solicitors for the buyer and the seller must have all the relevant documents signed and the appropriate cheques.

Selling a business? Let’s talk.

View our blogs for useful information regarding selling a business.

Arrange a confidential appointment or read what our clients say here.

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Our Advantages

  • Fixed fees available
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Contact Us

  • PO Box 495 Miranda NSW 1490
  • 02 9526 3444
  • 02 9526 3499
  • info@shirelegal.com.au

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  • Level 1, 29 Kiora Road, Miranda NSW 2228
  • Phillip Street, Sydney NSW 2000 (by appointment only)

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  • Home
  • About Us
    • Our Team
    • Testimonials
    • Fixed Fees
    • Information Sessions
    • Agency
    • Careers
  • Areas of Practice
    • Business
      • Selling a Business
      • Purchasing a Business
      • Leasing (Retail and Commercial)
      • Business Agreements
      • Franchising
      • Intellectual Property
        • Trademark Registration
        • Trademark Enforcement
        • Passing Off
      • Debt Recovery
      • Security of Payments
      • Employment
      • Bankruptcy
      • Insolvency
      • Business Succession
      • Competition and Consumer Law
    • Estates
      • Wills
      • Power of Attorney
      • Enduring Guardianship
      • Estate Planning
      • Deceased Estates
      • Estate Disputes
    • Property
      • Selling Property
      • Purchasing Property
      • Property Transfers and Refinances
      • Property Agreements
      • Certificate of Independent Legal Advice
      • Strata
      • Easements
      • Subdivision
      • Caveats
      • Leasing (Retail and Commercial)
      • Retirement Village and Aged Care Contracts
      • Co-ownership Agreements
    • Notary Public
    • Certificate of Independent Legal Advice
  • Blogs
  • Events
    • 2018 Drinks on the Terrace
    • 2017 Drinks on the Terrace
    • 2016 Drinks on the Terrace
    • 2015 Drinks on the Terrace
    • 2014 Drinks on the Terrace
  • Payments
  • Contact Us
  • BOOK AN APPOINTMENT