buying a business

L

living the dream

New Member
Jurisdiction
Illinois
I'm buying a restaurant and the loan is in the business name and the sellers name for a temporary time the seller is OK with this but he wants a document drawed up that will hold him harmless of the loan and we put our name on the loan this is to get us in the door and he can get his money and walk away the loan company is OK with this too I wanted to know if such a document exist and if it is legal
 
As long as the lender is willing to release the original borrower and transfer the obligation of the loan to another borrower, it's legal, but you aren't going to find a form on the internet.

You'd better hire a lawyer and an accountant to examine this business purchase of yours and make sure you aren't sticking your leg into a bear trap.

Please keep all your future discussion to this thread and don't open up any others.
 
adjusterjack said:
As long as the lender is willing to release the original borrower and transfer the obligation of the loan to another borrower, it's legal, but you aren't going to find a form on the internet.

You'd better hire a lawyer and an accountant to examine this business purchase of yours and make sure you aren't sticking your leg into a bear trap.

Please keep all your future discussion to this thread and don't open up any others.
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OK thanks for the advice
 
The lawyer is the one for legal advice and an accountant will go through the books and records and make sure you are seeing what you think you are seeing.
 

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