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DavidChin
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Hi Tessgrizz

Congratulations on your new venture!

Although I am a lawyer, I am not someone who insists that all transactions must need a written contract and/or consultation with a lawyer. As what has been helpfully mentioned, I think the first consideration is what value you place on the transaction overall, not just the selling price.

For example, what are the valuable things you want from the business? Do you value the brand, supplier/customer lists and other confidential information?

What risks do you see with the sale and business? For example, are there existing debts, could there be product liability issues before the sale, could the seller open up a competing business next week? Risks may not just be limited to the purchase price.

If you highly value the things you want to purchase (and want to make sure ownership transfers to you) and/or there are key risks that you want address, you may value the cost of asking a lawyer to advise you and prepare the agreement based on your preferences.

As what has been mentioned earlier, a statutory declaration is to declare in writing that what a person is stating is true. I could see how a series of statutory declarations could be used to confirm a verbal agreement. However, my first thoughts are that you would be going through a more complicated process compared to putting a written contract in place, and only achieving the same result as a written contract.

Good luck!

Regards
David