Legal Question in Business Law in New York

i am selling my business resturant and the attorney for buyer wants to keep all my money in escrow with my lawyer to wait for judgement liens and other type of searches result i wana know why are they doing it??? and what type of searches they are looking for ?? i dont owe any monies to anybody except my electric bill phone bill etc...

Asked on 4/03/13, 9:48 pm

2 Answers from Attorneys

Roman Fichman Esq. Law Practice of Roman Fichman Esq.

This a reasonable request since the other side does not know for a fact what you may or may not owe. Your claim could be incorrect in that you may think you don't owe any money but you may in fact owe monies. You indicated that you have am attorney and this is a question that your attorney should have explained to you.

If you don't have one then negotiating a contract when there is an attorney on the other side is not a good idea.

You can contact me if you need help in this matter or if you would like to have another attorney review the documents of the sale

Good luck!

Roman R. Fichman, Esq. │ @TheLegalist

email: Info (@) TheLegalist (dot) com

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Answered on 4/03/13, 10:19 pm


You have nothing to worry about if you are debt free.

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Answered on 4/04/13, 6:09 am

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