{"id":221821,"date":"2023-03-22T18:58:34","date_gmt":"2023-03-22T05:58:34","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=221821"},"modified":"2023-04-18T13:33:56","modified_gmt":"2023-04-18T00:33:56","slug":"ask-a-lawyer-about-sale-and-purchase-agreements","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-sale-and-purchase-articles\/ask-a-lawyer-about-sale-and-purchase-agreements\/","title":{"rendered":"What to Ask a Lawyer About Sale and Purchase Agreements in NZ"},"content":{"rendered":"\n<p>During a business sale or purchase, you will deal with many documents and steps. One of the most critical stages is finalising the sale and settlement. Hence, you will need to draft a <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/legal-considerations-sale-and-purchase-agreements\/\">sale and purchase agreement (SPA)<\/a> to confirm the terms and conditions of the sale. However, you may wonder how best to use this agreement or the most important clauses. This article will outline what you should ask a lawyer when drafting and using a SPA.<\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/28131832\/how-to-sell-your-business-guide-_-560x792-1-e1635392481928.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">How to Sell Your Business in New Zealand<\/div>\n            <div class=\"body-text\">\n                <p>Looking to sell your business? This free guide will help you to understand the moving parts that impact a successful sale. <\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.nz\/guide-to-selling-your-nz-business.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">What is a SPA?<\/h2>\n\n\n\n<p>Before using SPA, it is best to ask what the agreement is used for. A SPA is a legally binding agreement that outlines the terms and conditions of the sale or purchase. It can include the:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>purchase price;<\/li>\n\n\n\n<li>deposit;<\/li>\n\n\n\n<li>settlement date;<\/li>\n\n\n\n<li>goodwill;<\/li>\n\n\n\n<li>property lease;<\/li>\n\n\n\n<li>assets included in the sale;<\/li>\n\n\n\n<li>seller warranties and representation; and<\/li>\n\n\n\n<li>disclaimers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Benefits of Signing the Agreement<\/h2>\n\n\n\n<p>Another critical question is the purpose and benefits of signing the SPA. A SPA will provide certainty to both parties. For example, the buyer assures the seller they will purchase the business. Alternatively, the seller assures the buyer that they will hand-over the business and relevant assets at settlement. <\/p>\n\n\n\n<p>Further, contractual remedies are available if any party breaches their obligations in the SPA. Remedies may be stated in the SPA or ordered by the court. Court remedies can include monetary compensation or an order requiring the party to fulfil their contractual duty. Hence, you are legally protected in case anything goes wrong.<\/p>\n\n\n\n<p>Additionally, there is certainty as to how much the purchase price and deposit are. Both parties are also well aware of the assets in the sale, which can reduce future disputes.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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Condition precedents are events or actions that must happen before completing the sale. Examples include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the buyer receiving finance approval if they are acquiring a loan;<\/li>\n\n\n\n<li>the landlord allowing the buyer to take over the lease;<\/li>\n\n\n\n<li>the franchisor allowing the buyer to become their franchisee;<\/li>\n\n\n\n<li>transfer of contracts or permits; and<\/li>\n\n\n\n<li>payment of deposit.<\/li>\n<\/ul>\n\n\n\n<p>Ensure your lawyer reviews the conditions precedent to avoid missing a necessary clause that should be included. Further, they can help explain what the condition means and what you can do to complete it.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do I Need to Conduct Due Diligence?<\/h2>\n\n\n\n<p>During the process, you may wonder if <a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/due-diligence-buying-business\/\">due diligence<\/a> is necessary. If you purchase the business, you will most likely conduct due diligence. Conducting due diligence helps you assess the business, its risks, benefits and whether it is a good investment. Failure to complete the step can result in buyer remorse.&nbsp;<\/p>\n\n\n\n<p>To properly execute the due diligence process, you can ask your lawyer to help review the:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>financial statements;<\/li>\n\n\n\n<li>business contracts;<\/li>\n\n\n\n<li>employee agreements;<\/li>\n\n\n\n<li>property leases;<\/li>\n\n\n\n<li>incorporation documents;<\/li>\n\n\n\n<li>intellectual property records; and<\/li>\n\n\n\n<li>licenses and permits.<\/li>\n<\/ul>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>Before the due diligence process, the buyer may ask you to sign a non-disclosure agreement. This prevents you from leaking confidential business information to others.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">How to Settle the Deal?<\/h2>\n\n\n\n<p><a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase\/business-sale-settlement\/\">Settlement is a crucial step<\/a> in a business sale or purchase. Hence, you must carefully understand your obligations during this step to avoid the sale falling through.&nbsp;<\/p>\n\n\n\n<p>During this step, the following should occur:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the total purchase price is paid with adjustments;<\/li>\n\n\n\n<li>IP is transferred;<\/li>\n\n\n\n<li>lease and business contracts are transferred, or the buyer enters into a new contract;<\/li>\n\n\n\n<li>physical assets are transferred; and<\/li>\n\n\n\n<li>employees are transferred.<\/li>\n<\/ul>\n\n\n\n<p>The sales contract will be signed before settling. There is often a time between signing and settlement during which adjustments can be made.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Post Settlement Obligations<\/h2>\n\n\n\n<p>Your SPA may detail post-settlement responsibilities either party must uphold. This may include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>training the buyer;<\/li>\n\n\n\n<li>introducing the buyer to suppliers;<\/li>\n\n\n\n<li>upholding warranties; and<\/li>\n\n\n\n<li>additional support from the seller.<\/li>\n<\/ul>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>It is essential to understand your post-settlement obligations to avoid breaching the contract.<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>Before signing a SPA, you must understand what it entails. Hence, you should:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>consider its benefits;<\/li>\n\n\n\n<li>ensure you know the meaning of conditions precedent and the conditions included in your SPA;&nbsp;<\/li>\n\n\n\n<li>seek advice during the due diligence and settlement period; and<\/li>\n\n\n\n<li>be aware of your post-settlement duties.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>If you need help understanding a SPA, contact our experienced business lawyers to assist as part of our LegalVision membership. You will have unlimited access to lawyers who can answer your questions and draft and review your documents for a low monthly fee. Call us today at <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1679464220479\"><strong class=\"schema-faq-question\"><strong>What is due diligence?<\/strong><\/strong> <p class=\"schema-faq-answer\">Due diligence is investigating a business and its affairs to ensure it is a good investment.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1679464233508\"><strong class=\"schema-faq-question\"><strong>Are sale and purchase agreement legally binding?<\/strong><\/strong> <p class=\"schema-faq-answer\">Once signed, your sale and purchase agreement will be legally binding. Therefore, ensure you review the agreement with your lawyer before signing.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>During a business sale or purchase, you will deal with many documents and steps. One of the most critical stages is finalising the sale and settlement. Hence, you will need to draft a sale and purchase agreement (SPA) to confirm the terms and conditions of the sale. However, you may wonder how best to use<a href=\"https:\/\/legalvision.co.nz\/business-sale-and-purchase-articles\/ask-a-lawyer-about-sale-and-purchase-agreements\/\">Continue reading <span class=\"sr-only\">&#8220;What to Ask a Lawyer About Sale and Purchase Agreements in NZ&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13316,"featured_media":215606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"215011,218961,220712,204715,204387,1957","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[13],"tags":[648,1351,1740,1741],"class_list":["post-221821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-sale-and-purchase","tag-sale-and-purchase-agreement","tag-business-sale-and-purchase","tag-sale-and-purchase","tag-property-sale-and-purchase"],"acf":[],"yoast_head":"<!-- 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Therefore, ensure you review the agreement with your lawyer before signing.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/221821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13316"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=221821"}],"version-history":[{"count":3,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/221821\/revisions"}],"predecessor-version":[{"id":221871,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/221821\/revisions\/221871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/215606"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=221821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=221821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=221821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}