Today a BizBen viewer asked this question:
Is there a way to take possession of the business prior to closing escrow?
I am turning this one over to a BizBen Blog Contributor - Mel Jones at
Paramount Restaurant Brokers, Inc. - to answer this question for my readers:
"Taking over the business before escrow closes is possible. Early possession, as It Is known, requires the Buyer to obtain: (1) all licenses and permits, (2) a lease assignment or sub-lease, (3) all insurances, (4) deposit 100% of the funds in escrow, (5) remove all contingencies, and (6) sign the final escrow Instructions signed. Of course the Seller must agree to give the Buyer early possession. There is risks involved on both the Seller and Buyer side. Consult an attorney who understands the laws in this area. Keep in mind, few attorneys understand the laws in this area."
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