Glossary · Doing the deal
In short
The costs for attorneys representing you and the lender during the acquisition. Your attorney advises you, while the lender's attorney drafts loan documents and ensures compliance.
You are responsible for your own legal fees and often reimburse the lender for their legal costs, which are part of the total project costs. These fees cover due diligence review, drafting of the purchase agreement, and reviewing all loan documents. Budget for these early in the process.
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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