According to Wikipedia Intellectual Property (IP) is a category of property that includes intangible creations of the human intellect. Most contracts for the purchase of a B&B or other hospitality property would normally refer to intellectual property conveying. Unfortunately, IP is so all encompassing that it is important to identify many of the items.
For instance, in referring to items to convey in the Contract, it may read like:
In addition to the Inventory of Furniture, Fixtures, and Equipment (F, FF&E) to convey all Intellectual Property to include, but not limited to, all business records, telephone number(s), email address(s), domain(s), website(s), and signage.
At the recent ALP Conference, in Louisville, Kentucky, several respected Inn Brokers shared their expertise on this very topic, to read more Due Diligence.
