A: Many purchase agreements do include non-competes, which are typically geographically limited and limited in terms of duration. The implication for the seller is straight forward. As a practial matter, the buyer benefits from a non-compete because it limits competion from the seller for business within the community in which the buyer will operate following the purchase of the business, or competition from the seller over the same potential customers, which aids profitability.
A: At the closing of the purchase, you will likely sign a Bill of Sale tranferring the assets of the business, and an Assignment and Assumpition agreement transferring or assigning any rights and responsibilites related to any contracts to which the business is a party to. The purchase agreement will likely have a due diligence period in which the seller provides access to the buyer to examine the books of the business and assets including any contracts related thereto and a provision allowing the buyer to cancel or terminate the sale within a certain period time following expiration of the due diligence period.
A: There are generally three broad categories of deeds mostly used to convey property in Georgia, depending on certain warranties, or the lack thereof, contained therein. These categorizes include warranty deeds, limited warranty deeds, and quitclaim deeds. In a warranty or general warranty deed, the grantor generally warrants title, and promises to defend the grantee against third party title claims that either arose, or which are based on events occuring at anytime during the grantor's ownership of the property OR the ownership of any of the grantor's predecessors in title. In a limited warranty deed, a grantor generally warrants and promises to defend the grantee against title claims which arose, or which are based on events occuring during the grantor's ownership only. A quitclaim deed generally contains no warranties. Therefore, the grantee or transferee of a quitclaim deed has little to no recourse against the grantor if there is an issue with the title to the property based on the deed alone. Quitclaim deeds are often used when there is little or no money being exchanged for the property such as when there is a transfer of family property, between family members or where property is gifted.
A: Although engaging a lawyer is preferred, there is generally no legal prohibition against a non- lawyer making his/her own demand or respoding to a demand provided you do not threaten violence or bodily harm or use any other language which may give rise to criminal liability. However, if the amount the claim is undisputed, and depending on the type of claim, there are provisions which allow a court to award the person making the claim his/her attorneys fees in addition to the amount of underlying claim if a demand is rejected under circumstances if the case goes to court. Thus, use of an attorney is again advised but generally not legally required.
