Glossary · People and paperwork
In short
Documentation demonstrating that the seller legally owns assets free and clear of any undisclosed liens or encumbrances. This is critical for ensuring you receive what you're paying for.
For assets like real estate or significant equipment, your lender will require a title search to confirm clear title and establish their first lien position. For other business assets, UCC lien searches are performed to ensure no prior claims exist, protecting your investment and the bank's collateral.
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.
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.
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