The legal mechanics
Why signing a deal isn't the same as completing it — and what has to happen in between.
Step 1 of 6
The buyer and seller sign the SPA (sale and purchase agreement) — but that's not the end. The deal only actually completes once certain conditions are satisfied.
This is a simplified illustration of how conditions precedent typically work, not legal advice or a description of any specific transaction — real deals vary by jurisdiction and structure. For real examples, read the daily issues.