Legal Question in Real Estate Law in California
Business Purchase Agreement Expiration
Our purchase agreement to buy a business expires June 1, 2002. Due to several issues, such as zoning, etc. we do not want to renew the contract. We also just discovered that the sellers have changed the contract by crossing out a section and checking off another, without informing us. We have $30000 in escrow.
What do we need to do in order to get our deposit back? And what legal steps need to be taken in order to let the contract expire and not renewing it?
Please help.
Thank you. Peter
3 Answers from Attorneys
Re: Business Purchase Agreement Expiration
As I understand your statement of facts the contract expires on June 1, 2002, thus it will no longer be valid on Monday June 3, 2002.
You will need written release from the sellers to get the money from the escrow. If the sellers will not sign the release it may be necessary file an action in court to get an order returning the money.
Re: Business Purchase Agreement Expiration
I think that you emailed me directly, and I responded before I read this. Give me a call with the details, and we can take it from there. I don't foresee a big problem in getting you deposit back, along with penalties and attorney fees, if called for in the contract.
Re: Business Purchase Agreement Expiration
Everything depends on the terms of the contract. If you fax the contract to me and any correspondence to 714 363 0229, I will provide you with free consultation.
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