Legal Question in Business Law in Massachusetts

Re: Deposit on business sale

It depends upon the terms and conditions of any and all agreements you may have had with the buyer. Please feel free to contact my office direct for a free initial consult based upon the facts of your specific situation;))

Re: Deposit on business sale

Absent an agreement to the contrary, the answer is you have to return the money.

I would suggest next time you have a formal agreement. Likewise, it is generally a condition of sale that the buyer and the landlord agree on terms of the lease.

If your landlord was asking for higher rent than your current lease you should speak to him. You might want to get him to agree to terms for assignment of your current lease.

Good luck.

Re: Deposit on business sale

If you are doing a business deal, yo are doing it wrong without an attorney. It already sounds that you have made some mistakes. It is simpler to return the money.

Re: Deposit on business sale

This is likely to be complicated, and I rather expect that the legal fees incurred to sort it out would exceed the amount of the deposit. Thus, your least-cost option is probably returning the deposit and next time engaging counsel to draft an agreement for the purchase/sale of the business to protect you against this kind of problem.

Best wishes,

LDWG