What Buyers Can Expect from APS
The normal flow of the buying process is as follows:
- Submit the buyer's Information form by going to Register to Buy or to the Broker for your area. There you can ask for information on particular listings. All information collected is kept confidential and will not be shared with anyone outside our company or your area broker.
- The independent broker working with us will contact you and place you on a free notification list for new listings. The broker will discuss the listings and send you information on firms you are interested in.
- Once you identify a particular practice you are interested in and want to pursue you will notify the broker. You can then request whatever additional information is needed to make your decision. Or you might have additional questions the broker can answer.
- You will want to contact lenders or other possible financing sources. Your broker can help with lender contact information.
- Sometimes there is a meeting between the seller and buyer. The broker might get additional information from you before the meeting. If both seller and buyer are then agreeable, a meeting will be set up. This is a get-acquainted meeting and not a due diligence meeting to see client or other sensitive records.
- After the meeting you and broker will discuss your interest. At this point you should know your interest. You will make an offer to purchase by faxing or emailing a Sale and Purchase Agreement to your broker. Your broker may be able to supply you with a sample agreement but you will want to consult your attorney. This will establish price and terms and allow us to cease selling efforts to other parties. Earnest money might be required. Note that this Agreement must be accepted and signed before any due diligence investigations begin.
- The broker will forward the Agreement to seller for review and consultation with their attorney. It is likely they will make changes and suggestions. The Agreement could be in negotiations for several days.
- Once the Sale and Purchase Agreement is signed by both parties, buyer and seller will set up a time to perform due diligence investigations for the purpose of verifying the representations made previously.
- If outside financing is used the buyer will need to get loan approval and a commitment letter. Loan approval wil require the seller and the buyer to submit certain information to the lender. A closing date, time and location agreeable to by the buyer, seller and lender will be set up.
- Buyer and seller can use time before closing to discuss details of the transition such as client notification, employee notification, procedures and operations, details of transfers, etc.
- At closing you will pay seller the purchase price or down payment and assume legal ownership. Congratulations!
We hope this answers some of your questions about the buying process. Please contact us with any questions; we're happy to clarify any information. Thank you for the opportunity to serve you!