Deal Hurdles and “Closing Clean-Up”
The last couple deals I’ve handled, it’s been a challenge getting everyone on the same page.
Strong personalities?
Sure.
Market conditions?
Absolutely.
But I actually meant logistics: it’s been a challenge lately getting all the parties to the transaction on the same page — literally.
Deal Logistics
That’s the case when one (or more) of the following four variables are present: 1) the Buyer and Seller are both couples (= four signatories, vs. only two or three); 2) no one is local, either because they’re retired (already left) or relocating (haven’t arrived yet); 3) multiple spouses/partners travel for work; and 4) one of the parties to the transaction — typically an older Seller — is “technologically-challenged,” i.e., they don’t have ready access to email, faxes, scanners, etc. (or even know how to use them).
In such instances, the convention (or at least mine) is to get everyone to sign everything — on separate copies of each document, if need be — at the time the deal is struck.
Then, prior to or even at closing, when everyone is in the same city and physically in the same room, I take 10 minutes or so and have everyone sign one document.
P.S.: Just because contracts tend to get increasingly hackneyed as they get passed through multiple faxes, scanners, etc., I’m a stickler for filling in everything by computer (vs. long-hand) — at least when I represent Buyers and it’s up to me!
