The Closing in Medical and Dental Practice Sales
If you are a party to a merger or acquisition of a dental or medical practice, a successful Closing is what you look forward to in your transaction. The Closing is attended by the buyer and seller and their respective medical or dental practice sales lawyers. It is usually the last step in the process of buying or selling a medical or dental practice and It comes after all other steps such as the letter of intent, the purchase agreement, due diligence, etc. In short, the Closing is when the transaction is finally consummated.
Electronic Closings in Medical and Dental Practice Sales
It is worth mentioning that during and post-Covid era, more attorneys have moved toward remote handling of transactions including the Closing. At Kamkari Law, our medical and dental practice sales attorneys in Maryland and DC started conducing all transactions 100% electronically 2 years prior to Covid. Therefore, our practice sales lawyers can handle your entire transaction including the Closing remotely and securely.
Documents Exchanged at Closing in Medical and Dental Practice Sales
Much like the Closings for purchasing houses, the Closings in practice transitions involve certain documents that require the parties’ signatures. These most common documents include a Settlement Statement, Bill of Sale, Lease Assignment (if the practice’s premises are leased), and a Professional Service Agreement for the transition period (if agreed by the parties). Depending on the terms of the Asset Purchase Agreement, the parties may be required to exchange and/or sign certain other documents for the sale of the practice. Our medical and dental practice sales lawyers are experienced in negotiating and drafting these documents in a manner that provide you with maximum protection under the law.
I will be discussing each of these components in more detail in my upcoming FAQs. FAQ For Dentists & Doctors Buying & Selling Dental & Medical Practices (dentalmedicalattorney.com)
Both American Dental Association (ADA) and American Medical Association (AMA) have published guides to finding the right attorney specifically for your medical and dental practices. You can find the links to these guides respectively:
A. Shane Kamkari, Esq.
Dental Practice Sales Lawyers in DC, Dental Practice sales lawyers in Maryland Medical Practice Sales Lawyers