Legal Question in Business Law in Colorado
Earnest Money
My husband and I were going to buy a business. We gave the current owners an earnest money check that they were to hold on to until we closed, but we never signed a contract. The check was immediately deposited. We then got trained and found that this was extremely stressful, so we decided not to buy the business. Do we have a right to get that money back?
Asked on 6/27/07, 10:05 am
1 Answer from Attorneys
Robert Murillo
Pivotal Legal Ltd.
Re: Earnest Money
Morning,
What does the asset purchase agreement say? If no written agreement, what are the terms of the oral agreement as to the earnest money?
In short, there is no way to say without many more facts and (hopefully) the written agreement.
Answered on 6/27/07, 10:52 am
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