2.Seller warrants that at the time physical possession is delivered to Buyer, all equipment will be in working order and that the premises will pass all inspections necessary to conduct such business. 3.The Seller ensures that it has or will have clear and marketable title to the business being sold.
Contrary to the sellers' and their super sales_conscious agents' familiar claim that "There is nothing to lose in signing those documents," quite the complete opposite is true _ namely, a great deal, in fact, could potentially be lost particularly by the buyer by signing an LOI to a supposed seller. Why? In a word, this is because the LOI is actually fraught with many incalculable legal flaws, traps and pitfalls, much of which could often be prohibitively costly for the buyer, according to legal authorities and contract law experts. (See below for more on this)