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I have a purchase agreement to buy a business and that I…

Customer Question
Hello. I have a...

Hello. I have a purchase agreement to buy a business and that I would like to have a lawyer look at and give me their opinion on the best way to "get out" of the agreement and get my earnest money back.

Lawyer's Assistant: Where is the property located?

Montana

Lawyer's Assistant: Has any paperwork been filed?

All we have done is both the buyer and the seller have signed this purchase agreement and I gave them earnest money.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I haven't ever used just answer before so not sure how it works but I'm assuming they need to see the purchase agreement to answer my questions.

Lawyer's Assistant: I'm sorry to hear that.

What's that?

Submitted: 8 months ago.Category: Legal
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Answered in 1 minute by:
9/7/2017
Lawyer: Michael Bradley, Lawyer replied 8 months ago
Michael Bradley
Category: Legal
Satisfied Customers: 1,377
Experience: Owner at The Protection Group LLC
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when was it signed?

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Customer reply replied 8 months ago
August 24, 2017
Lawyer: Michael Bradley, Lawyer replied 8 months ago

can you attach it?

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Customer reply replied 8 months ago
scanning it in now
Lawyer: Michael Bradley, Lawyer replied 8 months ago

ok

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Customer reply replied 8 months ago
The lawyer has the copy signed by all parties. This one is identical though other than that.
Customer reply replied 8 months ago
Did you get a chance to look at that?
Lawyer: Michael Bradley, Lawyer replied 8 months ago

so they are financing the purchase?

at this point you are 5k into this?

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Customer reply replied 8 months ago
correct on both
Lawyer: Michael Bradley, Lawyer replied 8 months ago

and swanson is their attorney?

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Lawyer: Michael Bradley, Lawyer replied 8 months ago

why do you want to back out?

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Lawyer: Michael Bradley, Lawyer replied 8 months ago

did the sale go through since the agreement says 9/5/17?

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Customer reply replied 8 months ago
Well we moved to the town where the restaurant is located about a month ago in anticipation of closing. Since then we have found out one thing after another that the people have lied to us about or concealed during the process. They are opening a competing business. There is a horrible roof leak. There is a gas leak. The fireplace fan is broken. The list goes on and on. We couldn't afford to repair everything we would need to just to open the business even.
Lawyer: Michael Bradley, Lawyer replied 8 months ago

so the sale went through?

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Customer reply replied 8 months ago
No it did not close. We told them we are waiting for paperwork from MT Dept of Revenue concerning the liquor license in order to buy a little time to figure this out.
Customer reply replied 8 months ago
We want to figure out a way to not close and get our earnest money back.
Customer reply replied 8 months ago
An extension has not been signed at this time either.
Lawyer: Michael Bradley, Lawyer replied 8 months ago

you can argue that the contract is no longer valid since the closing date passed without an extension

in reality it is going to be hard to get that 5k back but since it is passed the date and no extension you can realistically argue that the contract has expired and no longer valid

you may need to retain an attorney to help you with this a write you a strong letter

otherwise the contract is pretty straight forward and I do not see any violations in it

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Customer reply replied 8 months ago
Does it matter that he put the wrong county on the first page? I doubt it. Madison county is written and then below that Teton which is correct is written.
Lawyer: Michael Bradley, Lawyer replied 8 months ago

in my opinion no

I think all you got is the fact that the deal did not close as per the contract and no extension was granted

not great argument but at least one you can put forth with a straight face

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Customer reply replied 8 months ago
Also the title
Customer reply replied 8 months ago
Sorry one more question. We just received the title commitment a few days ago. It seems like the way the contract is written we can say we are opposed to something in it.
Lawyer: Michael Bradley, Lawyer replied 8 months ago

that is a potential argument as you can dispute what is on it

although they are usually cleaned up and have no issue with them

it would depend on what is in the report and what can be cleared off of it

they normally clear off liens and debt but things like easements they can not

that is more of a hail mary

you can send it you want but I would like being tipped to review it

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Customer reply replied 8 months ago
Well when their lawyer sent me the title commitment the documents mentioned in the exceptions weren't included. So after going to the county and tracking them down myself I I learned there were easements I didn't know about and part of the property was in the floodplain which I didn't know. Also the property was half the size they said, they told us they owned property belonging to the railroad. Anyway shame on me for believing them but does any that hold any water?
Lawyer: Michael Bradley, Lawyer replied 8 months ago

you can argue under page 4 title insurance that there are items that are listed that you want removed, knowing that they can not be

easements, floodplain, and the property size. Not giving a proper size of the property could e considered fraud and grounds to terminate

I agree that you should have done due diligence before signing and a non compete but you have to play the cards you are dealt

hit them with everything and tell then you are terminating and want deposit back

you just may have enough

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Customer reply replied 8 months ago
Thank you. How much would you charge me to write a letter on my behalf?
Lawyer: Michael Bradley, Lawyer replied 8 months ago

I could not do the letter as my agreement with JA prohibits me from conducting legal business with anyone who uses JA

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