Glossary · People and paperwork
In short
An attorney or law firm providing legal advice and representation. A buyer needs their own legal counsel to review deal documents, protect their interests, and ensure a smooth transaction.
Your legal counsel will review the LOI, purchase agreement, and all closing documents. They identify risks, negotiate terms, and ensure compliance. Don't rely on the seller's or lender's attorney; get your own.
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.
Know what you'll need before you apply
Tell us about the deal and who's buying — we'll flag the guaranty, eligibility, and paperwork issues that slow SBA approval before they cost you time.
Free · No documents · Usually same-day