An agreement intended to set out the term and conditions for the purchase of a business by one party from another. No one should enter into any agreement to purchase a busie=iness without memorializing and documenting all aspects of the transaction. Do not get allow unexpected matters to derail the purchase or sale of your business.

Definitions:

Mortgage: A mortgage is any instrument pledging an interest in real and/or personal property to secure a debt.

Balloon mortgages require a bold face disclosure however, there are some statutory exceptions. Failure to include the special bold face disclosure causes the lender to forfeit the right to demand the balloon payment.