Prior to the settlement, the buyer may wish to inspect the condition of the business at any reasonable time before the settlement date. Make appropriate arrangements for this to happen as it is a way of confirming that the business is in the same ‘condition’ as it was when the contract was signed. This too applies to your financials and stock at hand etc. This may also be a condition of sale.
On the day of settlement the balance of the purchase price is paid in exchange for the assets (tangible and intangible), proprietary documentation, business names, domain names, websites etc. (all that is in your ‘inclusions of sale’. Unless otherwise agreed, the buyer will take possession of the business on the day of settlement.
