Business Law. I'm entering into a simultanious contract and closing with an individual.?
I'm entering into a simultanious contract and closing with and individual who is purchasing one of my retail properties, should I be concern with the source of his money? In other words, I will be getting certified funds at the closing, but I don't know if he got his money from legal sources, is that my problem and how could it effect the deal?
Answers:
Yes, but only slightly.
If he pays in cash, be concerned. Be very concerned.
Otherwise, unless you are on notice that the source of his funds may be tainted (e.g., if you are aware he is a drug dealer), enjoy the proceeds of your labors, cash the check and enjoy.
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