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Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14361
Experience:  I did my law degree at the University of Queensland
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I have a small business on vendor terms and the contract has

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I have a small business on vendor terms and the contract has now expired. I have asked the vendor for an extension of six months but has not given me an answer yes or no. Where do I stand? Im trying to get finance to pay him out but need more time.What are my rights if any?
Just to clarify, you are leasing property from someone, and the lease has expired. Is that correct?
Customer: replied 4 years ago.

Im buying the business from someone and the terms of contract are up. I have been making all vendor finance payments and have even made this months


The terms of what contract are up? The lease?
Customer: replied 4 years ago.

the offer to purchase the business on vendor terms


Did you sign a Business Sale Agreement?
Customer: replied 4 years ago.

does not look like it. I can email you a copy of what I have signed if this helps??

Please email it to:
[email protected]

And ask them to forward it to Alex in the Australia law group. This can take up to 24 hours.
Customer: replied 4 years ago.

Hi you have still not answered my question????

I emailed the paperwork over last week. Not very happy.


I apologise for that, it has been a busy week.

So you have not paid the balance of the purchase price yet, is that correct? The amount which was due on 1 July 2013?
Customer: replied 4 years ago.

that is correct. I have been trying every where to get finance and am still trying as we speak. BUt as I have no house and bad credit its proving to be hard.

In that case what is likely to happen is that the vendor will likely sue you for breach of contract for the outstanding amount owed. Unfortunately in that case, he will be able to go after your assets and property (if you have one).

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But it would be unfair to you and unprofessional of me if I were to provide you with anything less than truthful and honest information.

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