E261 How to Close on Sale of Business in Probate

<p>Hurray, you’re finally in contract and ready to close on the sale of the estate’s business. You already did all the hard work <a href= "https://anthonyspark.com/e228-first-5-steps-to-selling-a-probate-business/"> preparing to sell the business</a>, now make sure you cross the finish line and close the sale properly.</p> <h2>Maintain status quo until sold</h2> <p><img class="aligncenter size-medium wp-image-41948" src= "https://anthonyspark.com/wp-content/uploads/2022/04/Maintain-status-quo-until-sold-300x169.jpg" alt="Maintain status quo until sold" width="300" height= "169" /></p> <p>Make sure you maintain your insurance payments. In the rare chance that there is a slip and fall accident between the time your insurance lapses and the closing occurs, it will be your problem.</p> <p>Maintain your security plan, whether it’s an alarm system or driving by to check on the place. We have had an attempted burglary in one of our situations. It’s like the burglars have a sixth sense that the owner passed away and that the building is not well-attended. They notice that there are no cars or customers coming and going from the business.</p> <p>Keep up to date with all of the business vendors. If the business is not operational, let the vendors know not to come by anymore. You don’t want boxes of inventory stacked up, just like you don’t want piles of mail stacked up outside of a decedent’s home. It’s pretty obvious that the place is vacant if no one takes the items inside.</p> <h2>Allow buyer’s final inspections</h2> <p><img class="aligncenter size-medium wp-image-41949" src= "https://anthonyspark.com/wp-content/uploads/2022/04/Allow-buyers-final-inspections-300x169.jpg" alt="Allow buyer’s final inspections" width="300" height= "169" /></p> <p>Make sure that the lease is transferable. The buyer may need to have an introduction with the landlord to make sure they get along and agree on new terms.</p> <p>Even if you provide a fully audited inventory of the estate assets, sometimes buyers want to do their own inventory. Ca