Hi there, I recently bought a shop from a friend, but later we had a dispute since I found out that he is not being honest to me.
Is it possible to get my holding deposit back (I paid $52K, selling price is $100K) if:
1. The vendor of the business doesn't provide any official purchase contract (we used a business contract downloaded online called Form 3 Estate Agents Act 1980). We didn't use a solicitor and I am in NSW.
2. The vendor didn't provide me with any official vendor statements (loss profit statement, accounting report etc.) even after I waited 3 weeks since paying the deposit.
3. He won't let me to see the landlord as he thought the landlord will not agree to provide the lease as I am inexperience so he only notified the landlord that there is someone interested in buying the company's shares. Lease is still under his name.
4. At beginning, I asked for trial period but was denied as he tried to rush me into putting the deposit by using other prospective buyers, but later I found out that other buyers hadn't agreed with the sale price (misleading conduct)
5. He didn't mentioned anything about the poor conditions of the assets and the A/C was actually broken.
The settlement is due in 10 days and I have been running the shop for 3 weeks, now I have no interest, and was going to see a solicitor to cancel the business contract. Is there any chance that I can get my money back via the legal way (i.e. commercial law)?
Thanks
Is it possible to get my holding deposit back (I paid $52K, selling price is $100K) if:
1. The vendor of the business doesn't provide any official purchase contract (we used a business contract downloaded online called Form 3 Estate Agents Act 1980). We didn't use a solicitor and I am in NSW.
2. The vendor didn't provide me with any official vendor statements (loss profit statement, accounting report etc.) even after I waited 3 weeks since paying the deposit.
3. He won't let me to see the landlord as he thought the landlord will not agree to provide the lease as I am inexperience so he only notified the landlord that there is someone interested in buying the company's shares. Lease is still under his name.
4. At beginning, I asked for trial period but was denied as he tried to rush me into putting the deposit by using other prospective buyers, but later I found out that other buyers hadn't agreed with the sale price (misleading conduct)
5. He didn't mentioned anything about the poor conditions of the assets and the A/C was actually broken.
The settlement is due in 10 days and I have been running the shop for 3 weeks, now I have no interest, and was going to see a solicitor to cancel the business contract. Is there any chance that I can get my money back via the legal way (i.e. commercial law)?
Thanks