Legal Question in Banking Law in Minnesota
contract for deed small business
can you tell me what the pros and cons would be on purchasing a small business via a contract for deed until bank financing has gone through?
Asked on 9/27/06, 6:07 pm
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
Re: contract for deed small business
If the seller is willing, you are seller financed if the bank falls through. However, you shoulder HUGE risk if the business fails to produce enough income. I would advise any client against CD ( which really is limited to real estate anyway)vs. standard Asset Purchase Agreement.
This is definitely a time when you want to get complete legal advice BEFORE you sign on for the deal.
Answered on 9/27/06, 6:15 pm
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