We get asked this often: In Full Serve, where does the Purchase and Sale Agreement that needs to be uploaded in the Closing Phase come from? Here’s a quick explanation:
Generally in a For Sale By Owner situation it is the Seller that is responsible for putting together the Purchase and Sale Agreement. It should however be worked on with the Buyer's involvement so as to solidify their respective terms and reach mutual accord. The Purchase and Sale Agreement is binding, and is to be signed by both parties who also have their own copy.
We require both parties to upload their signed copies to the platform for the purpose of alignment and identifying the final purchase price so that the appropriate funds can be requested from the Buyer by our system.
The Purchase and Sale Agreement is usually created by a lawyer. If you are in need of one, you can submit a request with our legal partner, which can be found under "Deal Support" within the Offer.
Posted on August 17, 2022
We've had a few buyers question our process with regards to requiring them to send non-binding LOIs (letter of intent)/offers. So, we would love to clarify things.
Some sellers are open to connecting, in which the call to action on these listings are "Make Connection", while other sellers require a non-binding LOI/Offer, in which the call to action on these listings are "Send Offer". To dig in on the latter, sending the non-binding LOI/Offer is common practice as it provides context, confidentiality and a framework to engage in due diligence. Doing so also helps reduce tire kickers and aligns the buyer and seller with the terms and fundamentals of a deal.
During due diligence is when the buyer will request information and ask questions in order to make an informed decision. A buyer and seller do not have to move forward with the deal until an official purchase and sale agreement is signed, which occurs in the closing phase.
Here are some additional resources:
About Full Serve:
Posted on June 10, 2022
PRESS RELEASE: BuyAndSellABusiness.com's New Purchase & Sale Solution Saves Small Business Sellers Thousands
Financial Post - read more here: https://financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/buyandsellabusiness-coms-new-purchase-sale-solution-saves-small-business-sellers-thousands
Posted on February 25, 2022
In case you missed the big news, we've just launched a new solution. It's called Full Serve, and it digitizes and automates the entire purchase and sale experience.
As we work towards putting full control of a deal in the hands of our users, we want to let you know about some changes we’re making. Updates to our Terms and Conditions, and Privacy and Security Policy will become effective February 14, 2022. For your reference:
We encourage you to review the updates at your earliest convenience.
Posted on February 14, 2022