This Contract for Sale of Professional Practice is between an established practitioner and a buyer who desires to purchase this practice. This contract sets forth the specifics of the sale including the leasehold interest, goodwill and any office equipment, consideration paid and allocation of the purchase price. It also includes the sale terms surrounding any assignment of lease, if accounts receivable are included, a covenant not to compete and the location and closing date of the transaction.

This Contract for Sale of Professional Practice contains the following provisions:

• Parties: Sets forth the name of buyer and seller who is retiring and desires to sell the practice;
• Sale of Practice: Details the practice being sold including any office lease, goodwill, equipment, records and files and other supplies located at the practice;
• Consideration: Sets out the amount paid for the practice, any down payment and if the practice will be purchased via installment payments;
• Accounts Receivable: Sets forth that the sale does not include any accounts receivable or debts due by seller at the time of sale;
• Warranty of Title: Seller warrants that he/she has marketable title to all assets of the practice which are set out in an exhibit to this agreement;
• Non-Compete: Seller agrees not to compete with buyer as an employee or partner of another business for a specified number of years;
• Signatures: Both seller and buyer must sign this agreement.

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This attorney-prepared packet contains:

1. General Information
2. Instructions and Checklist
3. Contract for Sale of Professional Practice

State Law Compliance: This form complies with the laws of all states