Glossary · Doing the deal
In short
These are specific requirements that must be met by both the buyer and seller before the deal can officially close. They protect both parties by ensuring all agreed-upon terms are satisfied.
Your loan agreement and purchase agreement will list several conditions precedent. These often include obtaining all necessary third-party consents (like landlord approval), completing due diligence to satisfaction, securing all required insurance policies, and ensuring no material adverse changes have occurred to the business. You must track these closely to avoid closing delays.
SOP 50 10 — Lender and Development Company Loan Programs
U.S. Small Business Administration · SBA Standard Operating Procedure
Last checked 2026-06-15. Official sources control — verify before relying on any rule for a live deal.
Defined by DealRoom.so SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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