Before, where possible. Heads of terms lock in commercial positions that are very difficult to reopen — legal input at that stage shapes structure and risk in ways that matter far more than polishing the final documents.

Structure, liability exposure and what you're actually acquiring. Share sales and asset sales carry very different risk profiles.

Preparation, disclosure and proper risk allocation in the sale agreement are the most important levers. Well-prepared sellers maintain stronger negotiating positions.

Due diligence surprises, misaligned risk allocation and late-stage document issues are the most common culprits — most can be managed if identified early enough.

Almost always. Warranties, indemnities and completion mechanics carry obligations that last well beyond the deal itself.