| Many bars and businesses will have fixtures which belong to the Landlord make sure you pay for what is yours! |
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| Spain Business Guide Business Inventory Business Transfer Agent Benidorm & Costa Blanca Spain FREE advice for everyone |
Fixtures and fittings may be the property of the landlord or
indeed on loan or Lease from a supplier. Make sure that
anything included in the purchase price will actually belong to
Many bars which are sold as a Traspasso may contain fixtures
which are owned by the landlord. So do check!
You should ensure that you have in writing all items which are included within the
sale of a business, confirming that they belong to the seller. This should be
completed at an early stage of the negotiations and certainly prior to getting to any
contract stage or paying a deposit. Especially true when buying a bar in Spain.
If items you presumed were part of the fixtures, fittings and equipment are in fact
not part of the sale you may need to negotiate the asking price further.
If you are buying a business which is on a rental contract many items may be the
property of the landlord and within an inventory, in which case they would not belong
to the seller but would simply be part of the fixtures included with the local. If this is
so the value should not form part of the asking price.
When buying a business part of the price will be goodwill, part will be fixtures.
You need to make sure you are not paying for fixtures which are not staying or not the
property of the seller.
Provided this is all agreed and written into your contract your lawyer will be able
to confirm with the sellers lawyer exactly what is included in the form of an inventory.
You may need two of these. One with items which will belong to you and one with
items which may belong to the landlord which must remain or be replaced at the
end of your contract.
An important item which is often missed is the business website and domain
name which may well be a valuable marketing tool of the business. You should
always ensure that ownership is to transfer to you within the purchase price
including access passwords and hosting providers details.
To set up a website which is an essential business tool in Spain we recommend
MadCow web marketing who are well established and do what they say on the tin at
a very affordable price ( From under 200€) They also offer a single page publicity
website to all bars in Benidorm which is 100% free, so ideal to get you started.
Next page - What is a Traspaso in Spain?
indeed on loan or Lease from a supplier. Make sure that
anything included in the purchase price will actually belong to
Many bars which are sold as a Traspasso may contain fixtures
which are owned by the landlord. So do check!
You should ensure that you have in writing all items which are included within the
sale of a business, confirming that they belong to the seller. This should be
completed at an early stage of the negotiations and certainly prior to getting to any
contract stage or paying a deposit. Especially true when buying a bar in Spain.
If items you presumed were part of the fixtures, fittings and equipment are in fact
not part of the sale you may need to negotiate the asking price further.
If you are buying a business which is on a rental contract many items may be the
property of the landlord and within an inventory, in which case they would not belong
to the seller but would simply be part of the fixtures included with the local. If this is
so the value should not form part of the asking price.
When buying a business part of the price will be goodwill, part will be fixtures.
You need to make sure you are not paying for fixtures which are not staying or not the
property of the seller.
Provided this is all agreed and written into your contract your lawyer will be able
to confirm with the sellers lawyer exactly what is included in the form of an inventory.
You may need two of these. One with items which will belong to you and one with
items which may belong to the landlord which must remain or be replaced at the
end of your contract.
An important item which is often missed is the business website and domain
name which may well be a valuable marketing tool of the business. You should
always ensure that ownership is to transfer to you within the purchase price
including access passwords and hosting providers details.
To set up a website which is an essential business tool in Spain we recommend
MadCow web marketing who are well established and do what they say on the tin at
a very affordable price ( From under 200€) They also offer a single page publicity
website to all bars in Benidorm which is 100% free, so ideal to get you started.
Next page - What is a Traspaso in Spain?
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