It is customary for a buyer to create the documents, which typically include a purchase agreement, operating agreement, employment agreements, seller note, seller-owned real estate lease, and bank documents if there’s a lender involved. Because of the expense and time commitment, the drafting party will want to delay drafting until completing the bulk of exploratory due diligence. In fact, a great signal for the progression of the deal is the involvement of legal counsel and the delivery of first drafts. A buyer delaying legal engagement is a buyer still deciding whether to move forward on the
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