Does it matter who drafts the disclosure schedules, the buyer's lawyer or the seller's?

Yes, quite a bit, even though the schedules are ultimately meant to reflect facts about the seller's business rather than being a negotiated position the way price is. In practice, the seller almost always prepares the first draft, since the seller has the actual information the schedules need to describe — but "who drafts first" still matters because the first draft inevitably reflects choices about scope, specificity, and framing that can favour whoever wrote it, even honestly and in good faith.

A seller's first draft can understate the significance of an item through vague language, or place something in a less scrutinized schedule than where a buyer would expect to find it. This is exactly why the buyer's side of the deal, usually through counsel, needs to review draft schedules actively rather than treating them as a formality to be accepted once the seller delivers them — asking pointed follow-up questions, requesting more specificity, and cross-checking schedule entries against what diligence has actually turned up.

Treating schedule review as a genuine, substantive exercise rather than a rubber stamp is exactly the kind of work a Treadstone business lawyer does on the buyer's side of a transaction.