How to Buy a Veterinary Practice

Buying a veterinary practice is similar to purchasing any other property. First the property is listed with a real estate agent who then places the practice onto the Multiple Listing Service. A buyer in this case a veterinarian locates the property and decides to buy the veterinary practice.  

1. Prequalify for the loan and/or mortgage you will use to purchase the veterinary practice. Basically you are filing a loan application with the bank and/or Mortgage Company to determine the amount of money this institution is willing to loan you. The bank and/or mortgage company determines this amount once they assess the risk of loaning you the funds. Your credit score, your bank account history and verification of yearly income determine this assessment. 


2. Work with the real estate agent who listed the veterinary practice to make an offer to the seller. Upon acceptance of your offer you will complete a sales contract. This sales contract stipulates the amount of money required as a down payment, the amount of the purchase and all items included in the purchase. 


3. Schedule an inspection of the property. Do not confuse this with an appraisal. An appraisal is used to determine the value of the property as a whole and is conducted by your bank or mortgage company for which you are not financially responsible. An inspection however determines whether there are existing problems with the property, which could affect its value. An inspector evaluates the utility systems included in the property and looks for issues such as black mold. As the buyer you are responsible for paying for this inspection and your property will not close until this inspection is complete. 


4. Schedule the closing of your veterinary practice once the inspection is reported and all existing issues with the property are resolved. During the closing the funds are transferred to the seller's bank account or a check is issued in the amount of the purchase. An attorney oversees this closing by ensuring that all legal paperwork is completed correctly and to ensure that the deed is properly processed.