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YOU POSTED THE QUESTION TWICE. SAME ANSWER
Boss24, Anybody going into business should have an Accountant and a
Lawyer on their side.
You need both immediately.
If you have shady info on the business talk to your lawyer.
Good luck, LUCKIEST
Whether you can back out of your purchase contract depends on the contract. Most business purchases I've been involved with have a "due dilgence" phase, during which you would conduct all your research and fact-checking on the business. During this phase you can back out for any reason or no reason, if you have discovered something which gives you pause, or if you have been unable to obtain all the information you need in order for you to comfortably go forward. If you back out during this phase, your earnest deposit is fully refundable. If however, the due diligence phase has expired, you may have a fight on your hands. Read your contract carefully. If you are uncertain about your rights and responsibilities after reading it, consult a lawyer. Do not be pressured by anyone, and act now to protect your rights. I wish you good luck, and hope you come out ok.
Before you put your $50,000, have a contract by a lawyer and both parties should sign.. just for safety reasons and no fraud be made.. ;)
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I'm in the process of purchasing a business. I recently realized that the current Owner and the Broker on the deal are really great friends and it seems that now there is alot of info that they are neglecting to tell us about or present us with and they're trying to rush the close of the deal now. I put down an Earnest Money Deposit of $50,000. My question is...if the owner and broker continue to be shady with the info on the business,and If I decide that I want to pull out of this deal, Can I get my entire $ 50,000 back and if so how should I go about doing so aside