I have an opportunity for a possible simultaneous closing. I am looking at acquiring a small company that has 3 structures in their portfolio and they have agreed to give me a 60 due diligence period. I really only want one of the structures but I believe I can find a buyer for the other two in 60 days and still clear a profit after the deal. I know you have done this in the past and I am wondering how everything changes hands. Lets say my contract amount is $50k with 60 day due diligence and I find a buyer to offer me $60k for the 2 boards I don’t want. Do I just get my buyer to write one check for the $50k that I can give to the seller and another $10k check to me? Also how does the paperwork pan out. Can I have the seller sign 2 of the boards directly to my buyer or do they have to pass through my name first?
I’ve been on the road for two weeks with limited internet access.
I did a simultaneous closing on my purchase of the signs in Los Angeles, California, in which I sold three signs to what was then Foster & Kleiser (now Clear Channel). Here’s how it worked. We had a simultaneous closing in which Foster & Kleiser wired in the money for the three signs, and I wired in the money for the remainder, and the title company separated who got what (and would have refunded the money to Foster if I had not showed up with my money).
To do this effectively, you have to use two resources:
A decent attorney to draft the documents and protect your interests
A solid title company to act as referee and protect all parties’ interests
Don’t try to do this on your own, or in the absence of a title company, as it will probably implode. These type of deals have a huge potential for litigation as you have not two parties to please but three, and their future is all tied together.
We are taking offers for purchase of our property.
It has two boards on it. A 10x22 and a junior board.
It has permits held by Fairway outdoor HOWEVER there are no current lessees in effect and can be negotiated by a new owner! -In March we issued them a letter stating the leases will not be renewed.-
The address is:
Woodruff, SC 29388
Tax map #4-32-00-050.01