Purchase Agreement Review

investor profile

October 20, 2022

by an investor in New York, NY, USA

I am a self-funded searcher under LOI to acquire a business, and have drafted a purchase agreement based on a template from a previous deal. I would like to do as much of the upfront work as possible myself to minimize legal expenses, while still ensuring the docs are clean.

Is it reasonable to have our counsel simply review and adjust my effort at the purchase agreement draft? How should I think about the impact on legal expenses, if the initial seller draft requires minor edits from counsel vs. a build from scratch?

Any recommendations for effective ways to run this type of legal doc execution process would be appreciated.

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commentor profile
Reply by a searcher
from Carleton University in Toronto, ON, Canada
Wouldn't try to do too much on legal documents related to definitives. I would focus on communicating precisely with the lawyer what the business deal is and have them translate into legalese. Focus on the risks and how you want to legally protect yourself through your lawyer.
commentor profile
Reply by a searcher
from The University of Chicago in Chicago, IL, USA
Legal is too important and technical to DIY. Any good attorney will have their own form docs that they know back and forth. You'll spend more getting them up to speed fixing your first attempt than just starting with a solid attorney from the beginning.
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