Does Flippa help with asset/ business transfer?

Flippa.com provides a platform to enable sellers and buyers to meet, sellers to place Listings for sale; and sellers to conduct auctions, classified or catalog sales. Flippa provides limited advice assistance in the transfer of assets and inclusions within a sale as per a seller's listing.

Summary:

  • It is the buyers and sellers responsibility to ensure that they are fully aware and capable of transferring and receiving all assets and inclusions within a sale
  • Sellers must ensure that before a listing is launched, they are fully aware and capable of transferring all assets and inclusions within a sale as per their listing and in a manner and format acceptable to any buyer
  • Buyers must ensure that before a bid or offer is placed for a listing, they are fully aware of the transfer process and capable of receiving and operating all assets and inclusions within a sale

Detail:

Whilst Flippa enables buyer and sellers to meet, Flippa does not take part in the transfer of ownership or delivery of assets and inclusions within a sale.

Seller's Responsibilities

It is the sellers responsibility to ensure that they are in a position to fully transfer ownership and possession of all assets and inclusions within a sale. 

This includes any passwords or other authorities needed to access any of the assets held or hosted by a third party and all records associated with the sale (“Records” means originals and copies, in any material form, of all books, files, reports, records, correspondence, documents, supplier lists and contact details, customer lists and contact details, price lists, calculations, costings and associated documentation and other material of or relating to or used in connection with the assets and any other inclusions of the asset or business. The Seller may keep a copy of the Records for its own compliance purposes).

It is also the seller's responsibility to ensure that the duly executed instruments of transfer, assignment, notices of transfer or assignment or disposal consents and other documents are in a form and substance satisfactory to the Buyer (and any required registration, filings or approvals in respect thereof) as the Buyer may reasonably require to complete the transfer, assignment and conveyance of the Assets (free from Encumbrances).

Buyer's Responsibilities

It is the buyer's responsibility to ensure that they are fully aware of the transfer process and capable of receiving and operating all assets and inclusions within a sale. 

Before placing a bid or an offer in a sale, buyers should contact the seller and verify that:

  • The seller is in a position to fully transfer ownership and possession of all assets and inclusions within the sale
  • They as the potential new owner of all assets and inclusions within the sale are completely clear on all processes, procedures and requirements to take possession and ownership of all assets and inclusions within the sale
  • They have a clearly defined checklist of all assets and inclusions within a sale and the transfer process that is required for each

Please note that Flippa can only provide limited advice for any asset transfer and the transfer of any other inclusions within a sale and any advice should be followed up and verified as it is purely provided as assistance and not absolute direction. The exact process and nature of transfer is the responsibility of buyer and seller and should be discussed and agreed upon by both parties. 

Mobile app related assets and inclusions within the sale:

  • Flippa recommends that buyers and sellers discuss the proposed sale and transfer of ownership with any relevant app store/ platform that the app is sold on.
  • Flippa recommends that buyers are fully aware and understanding of the source code and technical nature and associated requirements of the app
  • More information can be found here How to transfer ownership of an iOS or Android app

Domain and website related assets and inclusions within the sale inc e-commerce sites:

  • Flippa recommends that buyers and sellers discuss the proposed sale and transfer of ownership with the relevant e-commerce platform support (such as Amazon Seller Support for Amazon e-commerce sites) 
  • Flippa recommends that buyers are fully aware and understanding of any supplier arrangements and associated requirements including costs
  • Flippa recommends that buyers are fully aware and understanding of any domain registration, hosting or other operational aspects and requirements 
  • More information can be found here How to transfer ownership of a domain and How to transfer a website

 

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