1. Execution of a Purchase Agreement by both parties:
A. Seller’s Offer to sell at a set price.
B. & Buyer’s Acceptance at a total purchase price – inclusive of brokerage commission and transfer fee.
2. After Execution, the Buyer also posts within a few days an Escrow Deposit (10%) to take the license off of the market.
3. Accordingly, the Quota Liquor License is then taken off of the market and a closing date is set - with a deadline of up to 30 days. The actual closing date can occur at the Buyer's discretion once the process is completed.
4. Details regarding the due diligence results are shared with both parties as applicable or necessary.
5. We then get the Seller to execute a Bill of Sale, a Transfer Affidavit & other Affidavits that become part of the AB&T Transfer Application packet. We hold these items in Escrow until closing.
6. The transfer fees, if applicable, are calculated - payable by Seller as a deduction from Seller’s proceeds at Closing.
7. The pro-rated license fee (AB&T annual license fee) is calculated, payable by Buyer to Seller at Closing as a reimbursement for fees already paid to AB&T for the balance of the existing license year.
8. At Closing, Buyer delivers through us the balance due to close via Wire Transfer to Seller for the balance due for Purchase Price + pro-rated license fee and an executed copy of the Closing Statement.
9. At Closing, we provide Buyer all of the required Transfer Affidavits to be used with the AB&T License Transfer Application packet, a Bill of Sale and other closing documents and an executed copy of the Closing Statement.
10. We then assist the Buyer in submitting the Transfer Application packet to AB&T as required... Buyer can place the license in Escrow or if a location is ready, Buyer can request an immediate Temporary License to begin to conduct business.