Tuesday, February 28, 2012

We have a small business which were are selling (<$10,000). I have a sample sales agreement which were are working with, but wasn't certain how we should ask for the payment. The buyer is from out of state and they are coming in March for a couple days during a weekend for training and transfer. In terms of the payment should we request an amount upfront before they arrive? And if so how much is reasonable (%) and what form is best (wire, cashiers check, etc..). With the actual closing being on a weekend, should I hold off on a complete transfer until the following weekday when we can go to the bank and ensure the final payment clears?|||I too am selling my business. The training actually will take about 60 days.

I have asked for 25% upon signing purchase agreement, another 25% in 30 days and the balance at the closing. Final payment is to be in a bank cashiers check. Deposits are non-refundable.

Unless you go to the bank that the cashiers check is drawn on, you would have no way to know if the check clears at the time you deposit it into your account.|||You should expect a bank check for the full amount at closing. A non-refundable deposit (in any form) is appropriate if the closing will be more than a couple of weeks away.

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