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Trying to buy a corporation from a guy out of state and wanted…

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Trying to buy a corporation...
Trying to buy a corporation from a guy out of state and wanted to put all the funds in an escrow account but he insists i put about 30 upfront showing i can cover the rest and would not back up on the escrow part. Now the corporation has a credit line which goes with the business, website, phone number etc. My fear is being burned by this guy if he never transfers the Corp to me. Are there any measures I can take to guarantee he goes through considering this is someone i have never met and he resides in another state?
Submitted: 8 years ago.Category: Legal
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Answered in 28 minutes by:
6/26/2010
Lawyer: Andrea, Esq., Attorney replied 8 years ago
Andrea, Esq.
Andrea, Esq., Attorney
Category: Legal
Satisfied Customers: 12,554
Experience: 25 yrs. experience in family law, estates, real estate, business law, criminal defense, immigration, and employment law.
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If this person who wants to sell his corporation to you refuses to let you put any of your purchase money in an escrow account which is the common business practice in these transactions, you should walk away from this deal because if you don't, the seller is going to walk away with your hard earned money, and that is a fact you can bank on. There is no reason in the world for the seller to object to the escrow account, other than the fact that he will not be able to get your money.

 

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ANDREA, JD, LLM

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Customer reply replied 8 years ago
Ok he is down with the escrow but not for all. He says onces the name is XXXXX XXXXX would not want to have to alter the corp. I opted for Paypal as a form of paying the deposit, he had no objections with paypal but after reading a couple of blogs online i saw where some people could not get money back they paid through paypal if there was no physical exchange. I had thought using paypal and the escrow service had me a little secure but after reading that i am some what skeptical now.
Lawyer: Andrea, Esq., Attorney replied 8 years ago

Paypal is not like a credit card company where you can dispute fraud. Paypal does not get involved in any type of disputes. If he's asking you to credit his paypal account with your purchase money, it's just as good as if you gave him your money in his hand.

 

My Answer remains the same, you will walk away with $30,000 less than you had and nothing to show for it and the seller will walk away with your money, never to be heard from again. If you want to give away $30,000, why not give it to a worthy charity ?

 

The final decision of course, is up to you

___________________________________________________

 

 

 

That is the only way I get paid

 

Kindest Regards,

 

ANDREA, JD, LLM

MEMBER, NY & PA BAR

 

Don't forget to leave positive feedback!

 

 

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