My real estate agent wrote a letter of intent to buy the assets of a business in contingent to obtaining a lease for the space where the business used to be. I got the lease but I cannot buy the assets for two reason. The assets are worth about 7000 but the offer in the letter is for 35000. Besides, I have most of the equipment at my coffee house which I intend to close down. What will happen if I refuse to buy the assets? The landlord who give me the lease does not require me to buy the equipment.
2007-01-03 15:38:21 · 2 answers · asked by richard c 2 in Business & Finance ➔ Other - Business & Finance
Your question is worth running by a lawer for a 1/2 hour of his or her time. There is such a thing as "specific performance" as a cause of action in a lawsuit. You could be sued for the $35K plus court costs, plus interest, and whatever else they can think of. If you signed something, like "agreed and accepted" at the bottom of the letter of intent, I don't see a way out. Not enough information. You seem to imply there's a contract and you seem to be breaching it. If you were defrauded, then of course you have a counter-claim. My guess the counter-claim would be for $28,000.
2007-01-03 15:44:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1 - A letter of intent is not a contract. Did you and the seller sign a contract?
2 - The assets of a business does not constitute real property, which is what Realtors are licensed to sell. Is your Realtor also an attorney?
2007-01-03 23:51:05 · answer #2 · answered by teran_realtor 7 · 0⤊ 0⤋