Legal Question in Business Law in Indiana

We are selling our small business. We are selling both the business operations and the real estate. We don't want to sell either by itself. We have a buyer who wants to buy both. He is financing the business and real estate with separate loans. He has loan approval for the business but has not received approval for the real estate loan. He says if we will close on the sale of the business he will sign a guarantee that he will buy the real estate, if he fails to buy the real estate the business operations will be forfeited back to us and we will keep the money he paid to purchase the business. Is this an agreement that we could do and if he has used the business fixtures and inventory as collateral for his loan would we be responsible to repay the loan to keep the bank from repossessing it. It sounds to good to be true to me and I think that we should wait to close on both the business and the real estate at the same time. Is my thinking right on this issue?

Asked on 3/10/15, 9:16 am

Kenneth Wilk Rubino Ruman Crosmer & Polen

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You should wait. Definitely close on everything at once.

Answered on 3/10/15, 2:58 pm

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