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View Full Version : Is an Attorney recommended when buying?


titoben
02-16-2006, 05:16 PM
I have been working on a purchase agreement on an unattended laundromat for about a month. I believe I have done all the required due dilegence. Would you recommend using an Attorney? What areas can an Attorney help in?

Thanks

azkid
02-16-2006, 05:55 PM
I didn't use one when I bought my store, but of course it's always good practice to cover yourself. Lawyers are of course handy in any type of negotiated agreement - purchase agreement specifics, lease agreement, etc.

Laundry_Mike
02-16-2006, 10:28 PM
I always have an attorney go over the paperwork when purchasing a business. It's a little to spend for a lot of piece of mind. Good luck.

galaga
02-17-2006, 12:25 AM
I didn't hire attorney for any store I bought ,no problems so far.
If you rent the building,you will have to understand how the lease work?A lot lawyers don't understand what is tripple net lease work,how to stop landlard overcharge you CAM anyway.
Lawyer checks what is illagle .
My friend was buying a store,I offered to go over the new lease ,no chrage but he didn't take my offer,he hired a lawyer to go over the lease,talked to landlard,he found out the first month,the rent was cheap but lanlard over charge for the CAM.Since no cap on the CAM,the lease give landlard a open check book.

fatboy
02-19-2006, 04:05 PM
I used a lawyer to write up my asset purchase agreement, lease, and option to purchase building. He was $150/hour and I likely spent about $1200 over a three month period. It was worth it.