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I did not sign any contract of sale with regards to

Customer Question
Hi I did not sign any...
Hi
I did not sign any contract of sale with regards ***** ***** the franchise business.vendor wants me, purchaser , to pay legal cost of his lawyer in the event of disapproval of finance from the bank.on this issue can I cancel the the transaction.everything is done through email.offer and acceptance through email only.last Friday,19-2-16, the business Broker told me over the phone that if I donot sign and 10% deposit amount by Friday evening,19-3-16 then you forget about buying RFG company's any franchise even seller will not sell you the franchise which you want to purchase.my lawyer also sent email to vendor's solicitor stating that the purchaser of business not willing to pay vendors solicitors legal cost.in these circumstances what problems can I face and what should I do? Can I cancel transaction done through email only what is my position.my email is***@******.***
Thanks
Vinod
Submitted: 2 years ago.Category: Australia Law
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Answered in 15 minutes by:
2/24/2016
Solicitor: Patrick H., Lawyer replied 2 years ago
Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 5,422
Experience: Dip Law LPAB - Sydney based lawyer
Verified

Hello and thanks for your question.

Can you elaborate on your situation? What kind of business? What, if anything, have you signed or otherwise agreed to?

Have you received the terms of the purchase which you agreed to make?

What has your lawyer advised?

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Customer reply replied 2 years ago
It is purchasing the pizza franchise business.just agreed to buy the franchise through email only and did not any contract of sale. I agreed to only the amount of purchase subject to finance etc
My lawyer still waiting for vendors soli cities response.
Solicitor: Patrick H., Lawyer replied 2 years ago

If you didn't agree to pay for his legal costs when you agreed to buy the business subject to finance, then you are not obliged to pay them and he cannot refuse to sell you the business just because you don't agree to this additional item. If they insist you must agree to this for the sale to go through then if you want to get out of the deal just write to them and say "fine consider the deal off."

The broker's threat (that if you don't accept their terms and pay the deposit that it will somehow affect your reputation such that no one will deal with you) is rubbish. Business purchase deals fall through regularly over disputes about the terms of a proposed sale and in circumstances where they are tyring to impose an additonal term that you never agreed to, that is not an issue that would affect your ability to sell to other vendors. More likely the broker is just trying to pressure you to agree.

The fact the agreement was done through email to purchase the agreement does not of itself mean the deal is not binding, however, it appears in your case that either they are trying to insist on additional terms, or alternately you may have agreed to enter into the agreement contingent on agreeing some the terms but now cannot do so, either way it is most unlikely a court would consider you bound to proceed in such circumstances.

If you instruct your lawyer you want out, then provided they do not drop their insistence on this term that you pay his lawyers costs, then you should be able to withdraw from the contract without difficulty.

Good luck and PLEASE RATE MY ANSWER.

Patrick

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