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Asset purchase agreement checklist

Make it Legalâ„¢ Checklist

Here are a few important steps to take to finish your document

Read the document to make sure it meets your needs and that everyone involved agrees with the agreement.

Make sure both parties are aware of all warranties made in the agreement by the seller or buyer.

Make sure a Disclosure letter has either been sent or received with regards to the warranties. If you do not have a Disclosure letter, then let us know and we can connect you with one of our lawyers.

Remember that if you have any questions you can easily Ask a lawyer.

For further information read Asset purchase agreement.

Signing online

  1. You can select to sign online using Rocket Lawyer.

  2. The parties to the agreement will receive an email invite to sign online.

Signing in print

  1. Print a copy for each party to the agreement.

  2. Each party must sign and date both copies. 

  3. The date of the contract is the date on which the parties signed if that was the same day. If they signed on different days, then it is the day when the last person signed.

Each party should keep their own original signed agreement.

Following completion (singing of the agreement), there are a few steps the buyer will need to take

  1. payment of stamp duty and stamp duty land tax (SDLT), if applicable. SDLT is a tax on transactions involving interests in land in the UK. 

  2. payment of VAT, is applicable. VAT is chargeable on the transfer of most assets used in a business, assuming that the seller is a taxable person

  3. assignments and novations of contracts with customers and suppliers

  4. administrative matters such as insurance, payroll, PAYE, VAT and pensions.

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