Blog

Have your own legal representation

Two people enter into a contract – one wants to buy the other’s business.

The seller has a consultant who found the buyer and obviously acts in his best interest.
The buyer is acting alone.

  • The seller’s consultant presents the buyer with a pre printed purchase agreement. This agreement has been checked by the consultant’s attorneys and has been used by him in hundreds of sales he has previously done.Should the buyer simply agree to use it?
  • Although not a trained lawyer, the consultant says he will explain the purchase agreement to the buyer there and then.Should the buyer simply believe him?
  • In the purchase agreement an attorney is specified, this attorney will act for the seller, explains the consultant, but you will pay the bill.Should the buyer agree to this?
  • “Voetstoots”, explains the consultant means ‘sold as seen’ .Should the buyer be expected to agree to this?
  • “No there is no cooling off period” – says the consultant.Is it fair to expect the buyer to agree to this?
  • “Of course this is legally binding” – explains the consultant.Does the buyer agree there and then?
  • “…and that part would cover any extra clauses you may want to specify” – explains the consultant. Could you give me an example asks the buyer. Nope, replies the consultant.
  • So next you’ll sign here, says the consultant.Would you as buyer sign this?

If the buyer does sign, he was not properly represented and has possibly just made a huge mistake.

The buyer should get his own legal representation as this could be the largest financial and emotional investment he might ever make. If you are in the position of the Buyer, contact us and we’ll keep your best interests at heart.

Find out more about our Cape Town Property Service

E-mail us here or contact Marco Garuti, our local property buyers consultant on + 27 (0) 83 265 8800

 

Speak Your Mind