Using Seller's broker suggested LOI format and closing attorney

by a searcher from Charles Sturt University

6 months ago

I am interested in putting an LOI for a business but the Seller's broker insists to use their "Offer to purchaser" format for submitting an offer which is very simplistic, requires earnest money deposit and prescribes a use of a particular closing attorney as a transactional attorney, cost of whom to be shared by the Buyer and the Seller equally. This attorney will be also be responsible for drafting up the purchase agreement. They insist that this is the only way they will let the transaction happen. Has anybody else had this situation? How can one negotiate out of earnest deposit and use of broker suggested attorney for closing?

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searcher from Massachusetts Institute of Technology - MIT Sloan School of Management

Good insight - thank you.

5 months ago | like reply | 0 likes

searcher from Notre Dame de Namur University

Never do this. Use your own drafted LOI. This is so you don't get stuck in tricky situations

5 months ago | like reply | 0 likes

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