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Selling a home to my mother. Buying a business

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Selling a home to my mother. Buying a business
Submitted: 5 months ago.Category: Business Law
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Answered in 2 hours by:
11/15/2017
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago
Lucy, Esq.
Lucy, Esq., Attorney
Category: Business Law
Satisfied Customers: 31,925
Experience: Attorney
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today. What are your questions for a lawyer?
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Customer reply replied 5 months ago
Hello. I'm looking to buy a business. However, I don't have the money on hand. I want to draw up documents to sell one of my properties(already have a buyer! My mom). I intend on placing a lien until another property of mine til the sale of the other. What's the best way to go about these transactions. My other concern is once I buy the business, I don't want to compete with the previous owner once purchased.
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

You can put a non-compete clause in the purchase and sale agreement, stopping the prior owner from operating the same type of business for a set time period, or within a set geographical radius of the new business, or both. You can also note that the sale includes customer lists (depending on the type of business) and employees, and that he agrees not to solicit those people.

If you're giving the seller a lien on a separate property, that's also part of the purchase and sale agreement. It'll say that you agree to pay him $X, secured by [property description], and that the lien will be released once the debt is paid in full. That document goes to the seller, and they'll record it with the county. That way, if you aren't able to pay, they have the ability to go to court and force a sale of the other property.
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Customer reply replied 5 months ago
Is the business typically turned over at the time the lien is placed or when the amount is due?
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

Typically, the business would be turned over to you when the contract is signed, and the lien would be signed at the same time. It's up to the two of you to negotiate whether some money is due at signing. It's pretty common, if you're going to pay over time, that you would make some sort of good faith payment up front. That check would also be handed over at the time of signing. You want to do it all at once.

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Customer reply replied 5 months ago
Would you be able to provide me information for the sale of either properties in Delaware or Pennsylvania?
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

I'm sorry, I'm not sure what you mean by this. The general process for selling a property is the same anywhere.

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Customer reply replied 5 months ago
I don't intend on getting a realtor.
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

Are you talking about the same property you're planning to sell your mother?

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Customer reply replied 5 months ago
What I mean is I don't need a realtor right? Can I sell my home without a realtor and do my paperwork and not have to pay a fee?
Customer reply replied 5 months ago
Not necessarily. Just in case I was selling any property of mine and didn't want to use a realtor.
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

Right. You don't need a realtor. The reason I asked if it was the same property is because it wouldn't make any sense to pay a realtor when you already have a buyer.

For a third party buyer, if you don't have a realtor, it's in your best interests to have a real estate lawyer help you with the Purchase and Sale agreement. They can help negotiate the sales price, build in contingencies, review any offers you get, and deal with any issues that might arise regarding things like inspections. Most real estate lawyers charge a flat rate per sale, and it's going to be a lot less than what a realtor would ask for in most areas.

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Customer reply replied 5 months ago
Do real estate lawyers on JA perform that service? Can a real estate lawyer in say California perform a deal in New York?
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

JustAnswer experts unfortunately aren't allowed to represent customers. You would need a lawyer in the state where the property is located. Many state or local bar associations offer a referral service, which is often a good place to start.

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Customer reply replied 5 months ago
What documents would I need to establish a pallet repair and/or storage business in Pennsylvania?
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

I'm sorry, but when I asked you initially what questions you had, you did not mention wanting specific documents for a specific type of business. That is not something I am able to help you with. Had you mentioned it, I would found another expert to assist. As it is, I spent a couple of hours over the past two days answering questions for you. To get information on documents for a repair/storage shop, I need to ask you to rate this question page positively open a new question page so another expert can help.

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Customer reply replied 5 months ago
Well isn't that a business law question? Do lawyers have to draw up documents for sale of a property? Can a paralegal or myself do it with the right document?
For an example, I own a property in Delaware and when I first bought the property through a realtor she used a certain law firm. Two years later when I wanted to get my fiancé of the deed I did a quit claim deed. Another year later I wanted to do another transaction on the same property and I used the same law firm. I found out the paper work is not rocket science.
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

There are literally thousands of different questions that might fall under the purview of "business law." Not all lawyers do all things. Experts only get paid per question, and as a result, customers must open a new question page for each unrelated topic. That is in the terms and conditions you agreed to when you signed up for the site.

It's not about my intelligence level. It's about customers showing respect for the experts time by leaving a positive rating so we get paid. I have answered several questions for you and been paid nothing. You now want to talk about something different. That's fine, but that requires paying for this question and opening a new one.

You have a subscription. It costs you nothing. Yet for the experts, it is very important. I am not going to argue with you. At this point, I'm not even going to get paid the minimum wage for the time I've spent - over two days - answering your questions. If you want someone to provide you with documents, you will need to open another question page.

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Customer reply replied 5 months ago
A lawyer with the typical scam. The terms and conditions also state you can ask questions until you're satisfied. If you don't want to make minimum wage then beat it. You start cry babying about me asking a different question which you didn't answer. I ask another question and you have refused to answer. I won't even rate you. Nothing you told me I haven't heard. Was just verifying information so if you think you got me informed you're kidding. Just like you try to send me to your scamming buddies at the British accreditation. Bye.
Customer reply replied 5 months ago
I won't rate cuz you don't deserve a one star.
Business Lawyer: Lucy, Esq., Attorney replied 5 months ago

I have literally no idea what you're talking about with British accreditation. However, I'm sorry for wanting to assist you. I apologize for wanting to get paid for doing my job.

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