If you are in the market to buy or sell a nursing home or assisted living facility, there are a number of items to consider as it relates to the Purchase Agreement and Transition. While we can’t identify and answer all the issues, the following represent some of the key items to consider:
- Make sure title and zoning are conforming
- Understand your successor liability post closing
- Finalize contract schedules early in the process (i.e. allocation of purchase price)
- Know when the CHOW is filed depending on state to ensure timely close
- Sellers calculate PTO to employees and Buyers identify when that will be paid out
- Identify assumed contracts vs. terminated contracts and potential costs associated
- When to inform staff about a sale and who do you bring into the know
- Review loan docs to ensure there are no lock outs or cost surprises
- Sellers compile due diligence information before sales process starts
- Buyers stand ready with the due diligence list to accompany LOI
Please contact Ryan Saul if you are considering buying or selling a nursing home, long-term care or Seniors Housing Community.
