Do I need to promise the purchaser that all my equipment is in working order?

Question: Do I need to promise the purchaser that all my equipment is in working order?

Answer:

Yes. If you are selling a business, it is often essential for you to warrant that the equipment you are selling with the business are in good working condition. If this is not the case, the purchaser will usually require you to reduce the price to take into account the defective equipment.

Answered by Priscilla Ng

Priscilla is a lawyer. She practises in the areas of business and commercial law, intellectual property and employment law. In her past work experience, she practised in property law, family law, wills and estates, and civil litigation.

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