I had an multi unit owner tell me I had to get with his agent and sign a NC. What is that exactly? Cant find the abbreviation on the web.
Non-Compete?
I would also guess that a NC would be non-compete, but I have never, ever, heard of a seller wanting a buyer to sign that. I would understand an employer doing that, I have myself, but I’d basically tell that guy to kiss your a**.
On the other hand, if for some reason NC means non-disclosure, maybe he said ND and you misunderstood I don’t know, I wouldn’t worry about that. He just doesn’t want you sharing his numbers with the world, it’s understandable, I actually had to sign one a few weeks ago.
If it was a Non-Compete what would that mean exactly? I just want to look at the place. I dont understand.
I can’t imagine that this is anything more than a non-disclosure agreement. These are usually benign but, depending on the firm, they can be egregious. Cross out and initial anything that is not disclosure related, including references to commission responsibilities, hold-harmless clauses, and anything limiting your right to bring in a broker to represent you. They won’t have any problem with this.
It sounds like it is a non-disclosure situation. Those are very common when you are looking at businesses.
However, your seller might not actually own the building. He might have it under option, or even just be a bird dog, and wants you to sign that you won’t go around him and deal with the seller directly.
My money’s on “non-conforming”.
What would non comforming mean?
Perhaps Non-Circumvention? I’ve seen this before when intending to purchase businesses, but it’s usually coupled with ND (Non-Disclosure) which I believe someone else has pointed out here.