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Loren, Attorney
Category: Business Law
Satisfied Customers: 28524
Experience:  30 years experience representing clients .
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I had a verbal contract to buy a restaurant for 30k. I went

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I had a verbal contract to buy a restaurant for 30k. I went and got a cashier's check from my bank. A sale contract was suppose to be drawn that day. Seller refused and told me not until the check clears. He then informed me that he was going to decline the sale since he couldn't cash out from his bank. The bank put a hold for the next business day. It was a friday for the transaction. On Saturday he insisted I give him 5k as good faith in the sale of the assets. The seller then had me sign a letter stating I will get my 5k after contract is signed. He then gave me the key to the restaurant. I have the key in my possession. I feel that I am a victim of fraud and misrepresentation.

Thank you for using JustAnswer. I am JudgeLaw and I will do whatever I can to answer your question and provide you excellent service.

I am sorry to hear of your dilemma. I realize how frustrating this is for you, but I believe I have information which you will find helpful.

It does not appear that there is any contract and you are free to terminate the negotiation. Any party is free to walk away from a negotiation. Your seller does not even appear to be negotiating in good faith. Additionally, you are entitled to all deposits back, as no meeting of the minds ever occurred. Do not give any more money.

You may want to have the demand come from your attorney. It may get faster action.

If he refuses, you could sue for fraud and conversion.

It is my privilege to assist you. Let me know if you need further information.  I hope I have helped you beyond your expectations in the service I have provided to you.  I am here for you.

Please remember to rate my answer when our communication is completed so I will be compensated for my time in providing you with the information you requested.

If you feel the need to provide a low rating, please stop and reply to me via the REPLY button with whatever issue or clarification you may need. I will happily answer your follow-up questions and assist you until I am able to explain the answer to your satisfaction. Please also remember that I cannot control whether the law is favorable to your situation, so please do not penalize me for having to deliver bad news.

Thank you.

Customer: replied 3 years ago.

He had me sign a letter saying if I terminate the del I lose all monies that be the 30k and 5k

Thank you for following up with me.

There does not appear to be any deal to terminate.

You are being taken advantage of and should not be involved in this transaction without legal counsel.

You can not buy a restaurant or its assets without a written agreement. You do not even know if the assets are encumbered and can be conveyed.

Courts do not, generally, like forfeitures when there is no provable damage.

Thank you.

Customer: replied 3 years ago.

His bank has my cashier check deposited already and he is refusing to give me my 5k in cash back

Thank you for the additional information.

You will need to sue him then. Do use legal counsel for this. If you need help locating local counsel, try Martindale Hubble. Many attorneys themselves use this site to locate attorneys outside their jurisdiction or expertise:

It is a huge worldwide database searchable by location and specialty.

Thank you.

Loren and other Business Law Specialists are ready to help you
Thank you for your positive rating of my service to you. Let me know if you need more help or have future questions. I will be here for you. Just ask for me by name at the start of your question - "JudgeLaw" or use the following link (which you can bookmark in your browser):

Best wishes and good luck to you.

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