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Proper transfer of custodianship in sale

October 13, 2016
Question:

Hi Jennifer:

Love your emails. I am selling my practice to a younger ophthalmologist.  What should I put down for his responsibility to own and maintain the charts to satisfy NYS requirements?

Thanks, 
Dr. P

Answer: 

Thanks so much!  For the transfer, you would want a custodianship agreement in place to document the proper transfer and future requirements - the language in there would document the transfer of responsibility and future requirements for record keeping for the purchasing doctor.  Also I would recommend proper reps and warranties be made in that document and indemnification protection.  If you are selling, this would all be covered in a proper purchase agreement. 

Happy to help.  You do really need counsel for this transaction....  



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