Sorry, our rules do not allow experts to email privately to the customers. I have a few comments about this contract. It appears to be a "business" only--not the building or as it is termed legally, real property. Also, I did not allow for the sale of the "good will" of the business, or kind of like, the person's reputation for the company. I have strictly included a general business description.
Here it is:
PURCHASE AND SALE CONTRACT
THIS AGREEMENT is made this __ day of ____, 2008 between I. Fleecem (hereinafter referred to as SELLER) and John Doe (hereinafter referred to as BUYER).
The Seller desires to sell the _____ business and the Buyer desires to purchase the ____business.
NOW THEREFORE, in considertion of the mutual agreements contained in this documents, and both intending to be legally bound by theM, SELLER and BUYER agree as follows:
1. SALE. The SELLER shall sell and the BUYER shall purchase, said business to be effective May 1, 2008, including all equipment, furniture, customer lists, xxxxxxx (you could, and should list the things separately), which constitute the _____business, with the following exception:
The MACH 8 Computer system IS NOT considered part of the sale of the business, and will not be included.
2. LOCATION of the business is Sleepytown, State of Anemia, which will remain the location of the business for the length of this contract unless otherewise agreed upon by both SELLER and BUYER.
3. PURCHASE PRICE AND TERMS. In consideration of the transfer of the above described business and associated property to the BUYER, the BUYER, shall pay to the SELLER, on and after the closing date, the following amounts:
a) The purchase price of the business is $50,000. This shall be paid with a $10,000 down payment at the time of the execution of this Agreement. The balance of the purchase price shall be financed by the SELLER in the amount of $40,000, to be paid in 8 monthly installments of $5,000 due the first of each month, beginning the first the the month following the execution of this agreement. The payment will be considered to be late if not paid within 5 days of the due date.
b) If a payment is missed and not paid within 30 days of the due date, the agreement/contract will be considered as breached, and the entire amount will become due and payable.
c) If either party is considered to be in breach of this agreement/contract, it is agreed that the breaching party will pay the other party damages of $25,000, plus appropriate attorney fees.
4. ENTIRE AGREEMENT This agreement/contract constitutes the entire agreement between the parties.
SELLER and BUYER have caused this agreement to be executed as of the date written above.
I. Fleecem John Doe