the transaction of buying a route from someone

[eaglesfan1203]

What's the smart way of buying a route as far as the transaction goes? If I'm paying $10,000 or something for someone's route I'm going to need some sort of verification of the transaction. How have you handled this in your ventures? Notary?

[EatMoreJunk]

I paid $70k for a route a couple of years ago - after seeing bank statements, tax returns, etc from the seller.  We paid an attorney $275 to draw up the Bill of Sale and Purchase Agreement, completed the transaction at his office ... I paid the attorney and the seller was paid out of the Attorney's account via official check.  Safe and sound.  Hope this helps.

[AZVendor]

You should at the very least draw up a sales receipt that lists the accounts and addresses, machine models and serial numbers. Further protection would include a non-compete clause and a non-disclosure agreement, both for a finite period of time such as 5 years. Have whatever document you create and both sign (with verified addresses) notarized.

The only other thing to make sure of is that you be introduced by the seller to each account as the new owner, if that's how you agree to do this transition. Some people are afraid to let accounts know that there's a new owner so they play along like the new owner is filling in or working for the seller. I think it's best that you make it known that you're the new owner so the accounts know who the buck stops with, but it's up to you.