This form provides that the purchaser has agreed to buy and acquire from the seller, and the seller transfers and sells to the purchaser all of the seller's right, title, and interest in and to the assets listed on Exhibit A. The seller further agrees to execute and deliver any other documents or instruments as shall reasonably be requested by the purchaser to effectuate the transactions listed in the agreement.
Louisiana Model Asset Purchase and Sale Agreement
Category:
State:
Multi-State
Control #:
US-8-01-STP
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Model Asset Purchase And Sale Agreement?
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FAQ
Typically, the buyer starts by sending a signed PSA to the seller. If the seller accepts the terms, they will sign it. If the seller counteroffers, they will sign the counteroffer and send it to the buyer.
Most often, the buyer's real estate agent will write up and prepare the purchase agreement for a house. Note that agents (not being practicing attorneys themselves) can't create their own contracts.
The buyer's solicitor drafts the asset purchase agreement, but the seller may instruct their solicitor to negotiate on certain points.
In most cases, the buyer`s attorney will draft the APA. This is because the buyer is the party that is taking on the risk associated with the purchase of the assets. The attorney will ensure that the APA includes all of the necessary terms to protect the buyer`s interests.
An asset purchase is when either a single asset or group of assets is purchased and both the buyer and seller remain owners of their separate businesses. The buyer purchases individual assets such as equipment, fixtures, leaseholds or licenses.
In an asset purchase, the buyer agrees to purchase specific assets and liabilities. This means that they only take on the risks of those specific assets. This could include equipment, fixtures, furniture, licenses, trade secrets, trade names, accounts payable and receivable, and more.
The asset purchase agreement is typically prepared by the buyer's lawyer. However, it is important to have the agreement reviewed by a business lawyer to ensure that all assets are properly transferred and that the purchase price is fair.
Definitions of the words and terms to be used in the legal instrument. Terms and conditions of the sale and purchase of the assets, including purchase price and terms of the purchase (full payment at close, down payment, subsequent payments, etc.) Terms and conditions of the closing of the agreement, if any.