As is usually stated in the purchase agreement, the business will officially change hands on a specified day at a specified venue. All parties will attend as their signature will be needed on the final document to allow that the business officially changes hands.

After signing, if the buyer is making a full payment, the money will be handed over to the seller and in return, you will be handed over the keys to the business. If the payment is to be made over a period, then the first payment is usually made at this time.

Closing - Finalizing the Paperwork and Transaction

Sometimes, a final meeting is not necessary and an escrow is used to process the final stages of selling the business. The escrow will demand all signed paperwork from both parties and when it has been collected to its entirety, the deal will be officially closed.

Whichever method is used, after all the paperwork has been signed and any money has changed hands, the minute you attach the business keys to you key ring, you have successfully purchased a new business!